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001385910 1001_ $$aChappell, Henry W.
001385910 24510 $$aCommittee decisions on monetary policy :$$bevidence from historical records of the Federal Open Market Committee /$$cHenry W. Chappell, Jr., Rob Roy McGregor, Todd Vermilyea.
001385910 260__ $$aCambridge, Mass. :$$bMIT Press,$$c©2005.
001385910 300__ $$a1 online resource (xv, 313 pages) :$$billustrations
001385910 336__ $$atext$$btxt$$2rdacontent
001385910 337__ $$acomputer$$bc$$2rdamedia
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001385910 506__ $$aAccess limited to authorized users.
001385910 520__ $$aAn examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions.In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices.To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s.
001385910 588__ $$aOCLC-licensed vendor bibliographic record.
001385910 61010 $$aUnited States.$$bFederal Open Market Committee.
001385910 650_0 $$aMonetary policy$$zUnited States.
001385910 650_0 $$aFederal Reserve banks.
001385910 653__ $$aECONOMICS/Finance
001385910 653__ $$aECONOMICS/Macroeconomics
001385910 655_0 $$aElectronic books
001385910 7001_ $$aMcGregor, Rob Roy,$$d1961-
001385910 7001_ $$aVermilyea, Todd.
001385910 852__ $$bebk
001385910 85640 $$3MIT Press$$uhttps://univsouthin.idm.oclc.org/login?url=https://doi.org/10.7551/mitpress/1942.001.0001?locatt=mode:legacy$$zOnline Access through The MIT Press Direct
001385910 85642 $$3OCLC metadata license agreement$$uhttp://www.oclc.org/content/dam/oclc/forms/terms/vbrl-201703.pdf
001385910 909CO $$ooai:library.usi.edu:1385910$$pGLOBAL_SET
001385910 980__ $$aBIB
001385910 980__ $$aEBOOK
001385910 982__ $$aEbook
001385910 983__ $$aOnline