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A Long History of FOMC Voting Behavior
Author(s) -
Chappell Henry W.,
McGregor Rob Roy
Publication year - 2000
Publication title -
southern economic journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.762
H-Index - 58
eISSN - 2325-8012
pISSN - 0038-4038
DOI - 10.1002/j.2325-8012.2000.tb00302.x
Subject(s) - open market operation , monetary policy , directive , voting , ranking (information retrieval) , preference , economics , inflation (cosmology) , key (lock) , monetary economics , computer science , political science , microeconomics , law , information retrieval , computer security , physics , politics , theoretical physics , programming language
We devise and apply a method for estimating monetary policy reaction functions for individual members of the Federal Open Market Committee (FOMC) of the Federal Reserve. Our method uses members' votes on the monetary policy directive in FOMC meetings as the key source of data on individual preferences. The analysis provides a ranking by preference for ease for 84 FOMC members who served during the 1966‐1996 period.