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Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Research Papers in Economics No. 10/17
Verlag: 
Universität Trier, Fachbereich IV – Volkswirtschaftslehre, Trier
Zusammenfassung: 
We examine the degree and sources of disagreement between the Federal Open Market Committee (FOMC) and the Federal Reserve's (Fed's) staff about the appropriate policy rate for the period 1987-2011. For that purpose, we compute a counterfactual interest rate for the Fed's staff , based on its own Greenbook forecasts and a Taylor (1993) rule, and compare it with the actual target rate. First, we find that the FOMC behaved more hawkish (dovish) during the 1990s (during the early 2000s) compared to the suggestions of the Fed's staff. Second, we reveal that a higher share of hawkish dissents, a higher share of voting women, a more experienced FOMC, and a higher share of members with a background in finance, the government, or the Bank staff are associated with relatively more hawkish monetary policy. In addition, the FOMC is found to prefer tighter monetary policy under a Democratic President, if there is a clear majority in the Congress, and during tranquil times.
Schlagwörter: 
Disagreement
Federal Open Market Committee
Federal Reserve Staff
Monetary Policy
Taylor Rule
JEL: 
E52
E58
Dokumentart: 
Working Paper

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