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The Influence of the Federal Advisory Council on Monetary Policy

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  • Havrilesky, Thomas

Abstract

The Federal Advisory Council consists of twelve bankers, elected by Federal Reserve Bank directorates, who advise the Federal Open Market Committee every three months on their desired direction for monetary policy. This paper tests the conjecture that the Council's directives to the Committee contain information that predicts subsequent changes in interest rates and Committee directives. Regression equations and Granger causality tests do not disprove the conjecture. This is the first hard evidence of private interest group influence on monetary policy. Copyright 1990 by Ohio State University Press.

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  • Havrilesky, Thomas, 1990. "The Influence of the Federal Advisory Council on Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(1), pages 37-50, February.
    • Handle: RePEc:mcb:jmoncb:v:22:y:1990:i:1:p:37-50
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    Cited by:

    1. Demiralp, Selva & King, Sharmila & Scotti, Chiara, 2019. "Does anyone listen when politicians talk? The effect of political commentaries on policy rate decisions and expectations," Journal of International Money and Finance, Elsevier, vol. 95(C), pages 95-111.
    2. Charles L. Weise, 2008. "Private Sector Influences on Monetary Policy in the United States," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(2-3), pages 449-462, March.
    3. repec:zbw:rwidps:0025 is not listed on IDEAS
    4. Balke, Nathan S & Petersen, D'Ann, 2002. "How Well Does the Beige Book Reflect Economic Activity? Evaluating Qualitative Information Quantitatively," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(1), pages 114-136, February.
    5. Göhlmann, Silja & Vaubel, Roland, 2005. "The Educational and Professional Background of Central Bankers and its Effect on Inflation - An Empirical Analysis," RWI Discussion Papers 25, RWI - Leibniz-Institut für Wirtschaftsforschung.
    6. Randall W. Bennett & Christine Loucks, 1996. "Politics And Length Of Time To Bank Failure: 1986–1990," Contemporary Economic Policy, Western Economic Association International, vol. 14(4), pages 29-41, October.
    7. Silja Göhlmann & Roland Vaubel, 2005. "The Educational and Professional Background of Central Bankers and its Effect on Inflation – An Empirical Analysis," RWI Discussion Papers 0025, Rheinisch-Westfälisches Institut für Wirtschaftsforschung.
    8. Gohlmann, Silja & Vaubel, Roland, 2007. "The educational and occupational background of central bankers and its effect on inflation: An empirical analysis," European Economic Review, Elsevier, vol. 51(4), pages 925-941, May.
    9. Havrilesky, Thomas, 1995. "Restructuring the Fed," Journal of Economics and Business, Elsevier, vol. 47(2), pages 95-111, May.
    10. Thomas Havrilesky, 1994. "Outside Influences On Monetary Policy: A Summary Of Recent Findings," Contemporary Economic Policy, Western Economic Association International, vol. 12(1), pages 46-51, January.
    11. Broz, Lawrence, 2015. "The Federal Reserve as global lender of last resort, 2007-2010," LSE Research Online Documents on Economics 60951, London School of Economics and Political Science, LSE Library.
    12. Louis Rouanet & Peter Hazlett, 2023. "The redistributive politics of monetary policy," Public Choice, Springer, vol. 194(1), pages 1-26, January.

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