Committee decisions on monetary policy :: evidence from historical records of the Federal Open Market Committee /
An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Fed...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass. :
MIT Press,
©2005.
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices. To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s. |
| Beschreibung: | 1 online resource (xv, 313 pages) : illustrations |
| Bibliographie: | Includes bibliographical references (pages 297-304) and index. |
| ISBN: | 9780262270168 0262270161 1423729420 9781423729426 |
Internformat
MARC
| LEADER | 00000cam a2200000 a 4500 | ||
|---|---|---|---|
| 001 | ZDB-4-EBA-ocm62034044 | ||
| 003 | OCoLC | ||
| 005 | 20241004212047.0 | ||
| 006 | m o d | ||
| 007 | cr cnu---unuuu | ||
| 008 | 051012s2005 maua ob 001 0 eng d | ||
| 040 | |a N$T |b eng |e pn |c N$T |d OCLCQ |d OCLCG |d OCLCQ |d N$T |d OCLCQ |d TUU |d OCLCQ |d OCLCO |d OCLCQ |d OCLCF |d NLGGC |d OCLCO |d OCLCQ |d YDXCP |d OCLCQ |d PIFBR |d OCLCQ |d WY@ |d LUE |d VNS |d VTS |d AGLDB |d MITPR |d M8D |d LUN |d UKAHL |d OCLCO |d OCLCQ |d OCLCO |d OCLCL | ||
| 019 | |a 991957994 | ||
| 020 | |a 9780262270168 |q (electronic bk.) | ||
| 020 | |a 0262270161 |q (electronic bk.) | ||
| 020 | |a 1423729420 |q (electronic bk.) | ||
| 020 | |a 9781423729426 |q (electronic bk.) | ||
| 035 | |a (OCoLC)62034044 |z (OCoLC)991957994 | ||
| 037 | |a 1942 |b MIT Press | ||
| 037 | |a 9780262270168 |b MIT Press | ||
| 043 | |a n-us--- | ||
| 050 | 4 | |a HG2565 |b .C356 2005eb | |
| 072 | 7 | |a POL |x 023000 |2 bisacsh | |
| 072 | 7 | |a BUS |x 039000 |2 bisacsh | |
| 082 | 7 | |a 339.5/3/0973 |2 22 | |
| 049 | |a MAIN | ||
| 100 | 1 | |a Chappell, Henry W. | |
| 245 | 1 | 0 | |a Committee decisions on monetary policy : |b evidence from historical records of the Federal Open Market Committee / |c Henry W. Chappell, Jr., Rob Roy McGregor, Todd Vermilyea. |
| 260 | |a Cambridge, Mass. : |b MIT Press, |c ©2005. | ||
| 300 | |a 1 online resource (xv, 313 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 504 | |a Includes bibliographical references (pages 297-304) and index. | ||
| 588 | 0 | |a Print version record. | |
| 520 | |a An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices. To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s. | ||
| 505 | 0 | |a Introduction -- Institutional background -- Analytical background -- A long history of FOMC voting behavior : individual reaction functions and political influence on the monetary policy decision process -- Data from the Memoranda of Discussion and FOMC Transcripts -- Estimating reaction functions for individual FOMC members -- Majority rule, consensus building, and the power of the chairman : Arthur Burns and the FOMC -- FOMC decisions during the Greenspan years -- Political influences on monetary policy decision making : evidence from the Memoranda and the Transcripts -- Time inconsistency and the great inflation : evidence from the Memoranda and the Transcripts -- Conclusions. | |
| 610 | 1 | 0 | |a United States. |b Federal Open Market Committee. |0 http://id.loc.gov/authorities/names/n82032977 |
| 610 | 1 | 7 | |a United States. |b Federal Open Market Committee |2 fast |
| 650 | 0 | |a Monetary policy |z United States. | |
| 650 | 0 | |a Federal Reserve banks. |0 http://id.loc.gov/authorities/subjects/sh85047618 | |
| 650 | 6 | |a Politique monétaire |z États-Unis. | |
| 650 | 6 | |a Banques de la Réserve fédérale. | |
| 650 | 7 | |a Federal Reserve banks. |2 aat | |
| 650 | 7 | |a POLITICAL SCIENCE |x Economic Conditions. |2 bisacsh | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Economics |x Macroeconomics. |2 bisacsh | |
| 650 | 7 | |a Federal Reserve banks |2 fast | |
| 650 | 7 | |a Monetary policy |2 fast | |
| 651 | 7 | |a United States |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq | |
| 653 | |a ECONOMICS/Finance | ||
| 653 | |a ECONOMICS/Macroeconomics | ||
| 700 | 1 | |a McGregor, Rob Roy, |d 1961- |1 https://id.oclc.org/worldcat/entity/E39PCjvYT9McvytPfq3BMwjgrq |0 http://id.loc.gov/authorities/names/n2004098490 | |
| 700 | 1 | |a Vermilyea, Todd. | |
| 758 | |i has work: |a Committee decisions on monetary policy (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGX9KTPb7GxKD7jyppGWDq |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Chappell, Henry W. |t Committee decisions on monetary policy. |d Cambridge, Mass. : MIT Press, ©2005 |z 0262033305 |w (DLC) 2004055942 |w (OCoLC)55948003 |
| 856 | 4 | 0 | |l FWS01 |p ZDB-4-EBA |q FWS_PDA_EBA |u https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=138486 |3 Volltext |
| 938 | |a Askews and Holts Library Services |b ASKH |n AH37586289 | ||
| 938 | |a EBSCOhost |b EBSC |n 138486 | ||
| 938 | |a YBP Library Services |b YANK |n 2363925 | ||
| 938 | |a YBP Library Services |b YANK |n 3410943 | ||
| 994 | |a 92 |b GEBAY | ||
| 912 | |a ZDB-4-EBA | ||
| 049 | |a DE-863 | ||
Datensatz im Suchindex
| DE-BY-FWS_katkey | ZDB-4-EBA-ocm62034044 |
|---|---|
| _version_ | 1816881630837473280 |
| adam_text | |
| any_adam_object | |
| author | Chappell, Henry W. |
| author2 | McGregor, Rob Roy, 1961- Vermilyea, Todd |
| author2_role | |
| author2_variant | r r m rr rrm t v tv |
| author_GND | http://id.loc.gov/authorities/names/n2004098490 |
| author_facet | Chappell, Henry W. McGregor, Rob Roy, 1961- Vermilyea, Todd |
| author_role | |
| author_sort | Chappell, Henry W. |
| author_variant | h w c hw hwc |
| building | Verbundindex |
| bvnumber | localFWS |
| callnumber-first | H - Social Science |
| callnumber-label | HG2565 |
| callnumber-raw | HG2565 .C356 2005eb |
| callnumber-search | HG2565 .C356 2005eb |
| callnumber-sort | HG 42565 C356 42005EB |
| callnumber-subject | HG - Finance |
| collection | ZDB-4-EBA |
| contents | Introduction -- Institutional background -- Analytical background -- A long history of FOMC voting behavior : individual reaction functions and political influence on the monetary policy decision process -- Data from the Memoranda of Discussion and FOMC Transcripts -- Estimating reaction functions for individual FOMC members -- Majority rule, consensus building, and the power of the chairman : Arthur Burns and the FOMC -- FOMC decisions during the Greenspan years -- Political influences on monetary policy decision making : evidence from the Memoranda and the Transcripts -- Time inconsistency and the great inflation : evidence from the Memoranda and the Transcripts -- Conclusions. |
| ctrlnum | (OCoLC)62034044 |
| dewey-full | 339.5/3/0973 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 339 - Macroeconomics and related topics |
| dewey-raw | 339.5/3/0973 |
| dewey-search | 339.5/3/0973 |
| dewey-sort | 3339.5 13 3973 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>05751cam a2200697 a 4500</leader><controlfield tag="001">ZDB-4-EBA-ocm62034044 </controlfield><controlfield tag="003">OCoLC</controlfield><controlfield tag="005">20241004212047.0</controlfield><controlfield tag="006">m o d </controlfield><controlfield tag="007">cr cnu---unuuu</controlfield><controlfield tag="008">051012s2005 maua ob 001 0 eng d</controlfield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">N$T</subfield><subfield code="b">eng</subfield><subfield code="e">pn</subfield><subfield code="c">N$T</subfield><subfield code="d">OCLCQ</subfield><subfield code="d">OCLCG</subfield><subfield code="d">OCLCQ</subfield><subfield code="d">N$T</subfield><subfield code="d">OCLCQ</subfield><subfield code="d">TUU</subfield><subfield code="d">OCLCQ</subfield><subfield code="d">OCLCO</subfield><subfield code="d">OCLCQ</subfield><subfield code="d">OCLCF</subfield><subfield code="d">NLGGC</subfield><subfield code="d">OCLCO</subfield><subfield code="d">OCLCQ</subfield><subfield code="d">YDXCP</subfield><subfield code="d">OCLCQ</subfield><subfield code="d">PIFBR</subfield><subfield code="d">OCLCQ</subfield><subfield code="d">WY@</subfield><subfield code="d">LUE</subfield><subfield code="d">VNS</subfield><subfield code="d">VTS</subfield><subfield code="d">AGLDB</subfield><subfield code="d">MITPR</subfield><subfield code="d">M8D</subfield><subfield code="d">LUN</subfield><subfield code="d">UKAHL</subfield><subfield code="d">OCLCO</subfield><subfield code="d">OCLCQ</subfield><subfield code="d">OCLCO</subfield><subfield code="d">OCLCL</subfield></datafield><datafield tag="019" ind1=" " ind2=" "><subfield code="a">991957994</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780262270168</subfield><subfield code="q">(electronic bk.)</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">0262270161</subfield><subfield code="q">(electronic bk.)</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">1423729420</subfield><subfield code="q">(electronic bk.)</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781423729426</subfield><subfield code="q">(electronic bk.)</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)62034044</subfield><subfield code="z">(OCoLC)991957994</subfield></datafield><datafield tag="037" ind1=" " ind2=" "><subfield code="a">1942</subfield><subfield code="b">MIT Press</subfield></datafield><datafield tag="037" ind1=" " ind2=" "><subfield code="a">9780262270168</subfield><subfield code="b">MIT Press</subfield></datafield><datafield tag="043" ind1=" " ind2=" "><subfield code="a">n-us---</subfield></datafield><datafield tag="050" ind1=" " ind2="4"><subfield code="a">HG2565</subfield><subfield code="b">.C356 2005eb</subfield></datafield><datafield tag="072" ind1=" " ind2="7"><subfield code="a">POL</subfield><subfield code="x">023000</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="072" ind1=" " ind2="7"><subfield code="a">BUS</subfield><subfield code="x">039000</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="082" ind1="7" ind2=" "><subfield code="a">339.5/3/0973</subfield><subfield code="2">22</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">MAIN</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Chappell, Henry W.</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Committee decisions on monetary policy :</subfield><subfield code="b">evidence from historical records of the Federal Open Market Committee /</subfield><subfield code="c">Henry W. Chappell, Jr., Rob Roy McGregor, Todd Vermilyea.</subfield></datafield><datafield tag="260" ind1=" " ind2=" "><subfield code="a">Cambridge, Mass. :</subfield><subfield code="b">MIT Press,</subfield><subfield code="c">©2005.</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 online resource (xv, 313 pages) :</subfield><subfield code="b">illustrations</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">computer</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">online resource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="504" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references (pages 297-304) and index.</subfield></datafield><datafield tag="588" ind1="0" ind2=" "><subfield code="a">Print version record.</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices. To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s.</subfield></datafield><datafield tag="505" ind1="0" ind2=" "><subfield code="a">Introduction -- Institutional background -- Analytical background -- A long history of FOMC voting behavior : individual reaction functions and political influence on the monetary policy decision process -- Data from the Memoranda of Discussion and FOMC Transcripts -- Estimating reaction functions for individual FOMC members -- Majority rule, consensus building, and the power of the chairman : Arthur Burns and the FOMC -- FOMC decisions during the Greenspan years -- Political influences on monetary policy decision making : evidence from the Memoranda and the Transcripts -- Time inconsistency and the great inflation : evidence from the Memoranda and the Transcripts -- Conclusions.</subfield></datafield><datafield tag="610" ind1="1" ind2="0"><subfield code="a">United States.</subfield><subfield code="b">Federal Open Market Committee.</subfield><subfield code="0">http://id.loc.gov/authorities/names/n82032977</subfield></datafield><datafield tag="610" ind1="1" ind2="7"><subfield code="a">United States.</subfield><subfield code="b">Federal Open Market Committee</subfield><subfield code="2">fast</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Monetary policy</subfield><subfield code="z">United States.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Federal Reserve banks.</subfield><subfield code="0">http://id.loc.gov/authorities/subjects/sh85047618</subfield></datafield><datafield tag="650" ind1=" " ind2="6"><subfield code="a">Politique monétaire</subfield><subfield code="z">États-Unis.</subfield></datafield><datafield tag="650" ind1=" " ind2="6"><subfield code="a">Banques de la Réserve fédérale.</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Federal Reserve banks.</subfield><subfield code="2">aat</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">POLITICAL SCIENCE</subfield><subfield code="x">Economic Conditions.</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">BUSINESS & ECONOMICS</subfield><subfield code="x">Economics</subfield><subfield code="x">Macroeconomics.</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Federal Reserve banks</subfield><subfield code="2">fast</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Monetary policy</subfield><subfield code="2">fast</subfield></datafield><datafield tag="651" ind1=" " ind2="7"><subfield code="a">United States</subfield><subfield code="2">fast</subfield><subfield code="1">https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">ECONOMICS/Finance</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">ECONOMICS/Macroeconomics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">McGregor, Rob Roy,</subfield><subfield code="d">1961-</subfield><subfield code="1">https://id.oclc.org/worldcat/entity/E39PCjvYT9McvytPfq3BMwjgrq</subfield><subfield code="0">http://id.loc.gov/authorities/names/n2004098490</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Vermilyea, Todd.</subfield></datafield><datafield tag="758" ind1=" " ind2=" "><subfield code="i">has work:</subfield><subfield code="a">Committee decisions on monetary policy (Text)</subfield><subfield code="1">https://id.oclc.org/worldcat/entity/E39PCGX9KTPb7GxKD7jyppGWDq</subfield><subfield code="4">https://id.oclc.org/worldcat/ontology/hasWork</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Print version:</subfield><subfield code="a">Chappell, Henry W.</subfield><subfield code="t">Committee decisions on monetary policy.</subfield><subfield code="d">Cambridge, Mass. : MIT Press, ©2005</subfield><subfield code="z">0262033305</subfield><subfield code="w">(DLC) 2004055942</subfield><subfield code="w">(OCoLC)55948003</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-4-EBA</subfield><subfield code="q">FWS_PDA_EBA</subfield><subfield code="u">https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=138486</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">Askews and Holts Library Services</subfield><subfield code="b">ASKH</subfield><subfield code="n">AH37586289</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">EBSCOhost</subfield><subfield code="b">EBSC</subfield><subfield code="n">138486</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">YBP Library Services</subfield><subfield code="b">YANK</subfield><subfield code="n">2363925</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">YBP Library Services</subfield><subfield code="b">YANK</subfield><subfield code="n">3410943</subfield></datafield><datafield tag="994" ind1=" " ind2=" "><subfield code="a">92</subfield><subfield code="b">GEBAY</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-4-EBA</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| geographic | United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq |
| geographic_facet | United States |
| id | ZDB-4-EBA-ocm62034044 |
| illustrated | Illustrated |
| indexdate | 2024-11-27T13:15:47Z |
| institution | BVB |
| isbn | 9780262270168 0262270161 1423729420 9781423729426 |
| language | English |
| oclc_num | 62034044 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (xv, 313 pages) : illustrations |
| psigel | ZDB-4-EBA |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | MIT Press, |
| record_format | marc |
| spelling | Chappell, Henry W. Committee decisions on monetary policy : evidence from historical records of the Federal Open Market Committee / Henry W. Chappell, Jr., Rob Roy McGregor, Todd Vermilyea. Cambridge, Mass. : MIT Press, ©2005. 1 online resource (xv, 313 pages) : illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier Includes bibliographical references (pages 297-304) and index. Print version record. An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices. To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s. Introduction -- Institutional background -- Analytical background -- A long history of FOMC voting behavior : individual reaction functions and political influence on the monetary policy decision process -- Data from the Memoranda of Discussion and FOMC Transcripts -- Estimating reaction functions for individual FOMC members -- Majority rule, consensus building, and the power of the chairman : Arthur Burns and the FOMC -- FOMC decisions during the Greenspan years -- Political influences on monetary policy decision making : evidence from the Memoranda and the Transcripts -- Time inconsistency and the great inflation : evidence from the Memoranda and the Transcripts -- Conclusions. United States. Federal Open Market Committee. http://id.loc.gov/authorities/names/n82032977 United States. Federal Open Market Committee fast Monetary policy United States. Federal Reserve banks. http://id.loc.gov/authorities/subjects/sh85047618 Politique monétaire États-Unis. Banques de la Réserve fédérale. Federal Reserve banks. aat POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh Federal Reserve banks fast Monetary policy fast United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq ECONOMICS/Finance ECONOMICS/Macroeconomics McGregor, Rob Roy, 1961- https://id.oclc.org/worldcat/entity/E39PCjvYT9McvytPfq3BMwjgrq http://id.loc.gov/authorities/names/n2004098490 Vermilyea, Todd. has work: Committee decisions on monetary policy (Text) https://id.oclc.org/worldcat/entity/E39PCGX9KTPb7GxKD7jyppGWDq https://id.oclc.org/worldcat/ontology/hasWork Print version: Chappell, Henry W. Committee decisions on monetary policy. Cambridge, Mass. : MIT Press, ©2005 0262033305 (DLC) 2004055942 (OCoLC)55948003 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=138486 Volltext |
| spellingShingle | Chappell, Henry W. Committee decisions on monetary policy : evidence from historical records of the Federal Open Market Committee / Introduction -- Institutional background -- Analytical background -- A long history of FOMC voting behavior : individual reaction functions and political influence on the monetary policy decision process -- Data from the Memoranda of Discussion and FOMC Transcripts -- Estimating reaction functions for individual FOMC members -- Majority rule, consensus building, and the power of the chairman : Arthur Burns and the FOMC -- FOMC decisions during the Greenspan years -- Political influences on monetary policy decision making : evidence from the Memoranda and the Transcripts -- Time inconsistency and the great inflation : evidence from the Memoranda and the Transcripts -- Conclusions. United States. Federal Open Market Committee. http://id.loc.gov/authorities/names/n82032977 United States. Federal Open Market Committee fast Monetary policy United States. Federal Reserve banks. http://id.loc.gov/authorities/subjects/sh85047618 Politique monétaire États-Unis. Banques de la Réserve fédérale. Federal Reserve banks. aat POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh Federal Reserve banks fast Monetary policy fast |
| subject_GND | http://id.loc.gov/authorities/names/n82032977 http://id.loc.gov/authorities/subjects/sh85047618 |
| title | Committee decisions on monetary policy : evidence from historical records of the Federal Open Market Committee / |
| title_auth | Committee decisions on monetary policy : evidence from historical records of the Federal Open Market Committee / |
| title_exact_search | Committee decisions on monetary policy : evidence from historical records of the Federal Open Market Committee / |
| title_full | Committee decisions on monetary policy : evidence from historical records of the Federal Open Market Committee / Henry W. Chappell, Jr., Rob Roy McGregor, Todd Vermilyea. |
| title_fullStr | Committee decisions on monetary policy : evidence from historical records of the Federal Open Market Committee / Henry W. Chappell, Jr., Rob Roy McGregor, Todd Vermilyea. |
| title_full_unstemmed | Committee decisions on monetary policy : evidence from historical records of the Federal Open Market Committee / Henry W. Chappell, Jr., Rob Roy McGregor, Todd Vermilyea. |
| title_short | Committee decisions on monetary policy : |
| title_sort | committee decisions on monetary policy evidence from historical records of the federal open market committee |
| title_sub | evidence from historical records of the Federal Open Market Committee / |
| topic | United States. Federal Open Market Committee. http://id.loc.gov/authorities/names/n82032977 United States. Federal Open Market Committee fast Monetary policy United States. Federal Reserve banks. http://id.loc.gov/authorities/subjects/sh85047618 Politique monétaire États-Unis. Banques de la Réserve fédérale. Federal Reserve banks. aat POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh Federal Reserve banks fast Monetary policy fast |
| topic_facet | United States. Federal Open Market Committee. United States. Federal Open Market Committee Monetary policy United States. Federal Reserve banks. Politique monétaire États-Unis. Banques de la Réserve fédérale. POLITICAL SCIENCE Economic Conditions. BUSINESS & ECONOMICS Economics Macroeconomics. Federal Reserve banks Monetary policy United States |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=138486 |
| work_keys_str_mv | AT chappellhenryw committeedecisionsonmonetarypolicyevidencefromhistoricalrecordsofthefederalopenmarketcommittee AT mcgregorrobroy committeedecisionsonmonetarypolicyevidencefromhistoricalrecordsofthefederalopenmarketcommittee AT vermilyeatodd committeedecisionsonmonetarypolicyevidencefromhistoricalrecordsofthefederalopenmarketcommittee |