Majority Rule, Consensus Building, and the Power of the Chairman: Arthur Burns and the FOMC
This paper investigates decision making within the Federal Open Market Committee of the Federal Reserve, focusing on the competing pressures of majority rule, consensus building, and the power of the Chairman. To undertake this analysis, we have constructed an original data set recording desired federal funds rates for each member of the Committee over the 1970-78 period. Our results confirm a disproportionate influence of the Chairman in the policy process; they also confirm that other voting members of the Committee have an impact on policy choices. Estimates indicate that the Chairman exercises 40% to 50% of the voting weight in Committee decisions.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 36 (2004)
Issue (Month): 3 (June)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879|
When requesting a correction, please mention this item's handle: RePEc:mcb:jmoncb:v:36:y:2004:i:3:p:407-22. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.