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FOMC VOTING BEHAVIOR AND ELECTORAL CYCLES: PARTISAN IDEOLOGY AND PARTISAN LOYALTY
Author(s) -
McGregor Rob Roy
Publication year - 1996
Publication title -
economics and politics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.822
H-Index - 45
eISSN - 1468-0343
pISSN - 0954-1985
DOI - 10.1111/j.1468-0343.1996.tb00118.x
Subject(s) - voting , ideology , loyalty , context (archaeology) , monetary policy , economics , political science , political economy , positive economics , monetary economics , politics , law , history , archaeology
The influence of partisan and electoral considerations on the monetary policy voting behavior of Federal Reserve Governors is investigated in the context of a model permitting the estimation of reaction functions on the basis of FOMC voting records. The results suggest that once we have controlled for the state of the economy and for the prevailing stance of monetary policy, both partisan ideologies and partisan loyalties appear to play an important role in the Governors’voting calculus.