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Vacancies on the FOMC

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  • Cody Couture

Abstract

I provide evidence that decreased efficiency in the appointment process to the Board of Governors of the Federal Reserve has resulted in an increase in the number of average vacancies. I then estimate whether this increase in vacancies is costly for the economy. I find little evidence to suggest that this is the case: monetary policy, uncertainty about the future path of interest rates, and the Board of Governor's ability to supervise and communicate have been largely unaffected by the number of absences.

Suggested Citation

  • Cody Couture, 2026. "Vacancies on the FOMC," Southern Economic Journal, John Wiley & Sons, vol. 92(4), pages 897-914, April.
    • Handle: RePEc:wly:soecon:v:92:y:2026:i:4:p:897-914
    DOI: 10.1002/soej.70030
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