Monetary Policy Preferences of Individual FOMC Members: A Content Analysis of the Memoranda of Discussion

The Memoranda of Discussion provide detailed records of Federal Open Market Committee (FOMC) meeting deliberations. Procedures are developed for coding the textual data in the Memoranda and assessing the reliability of those codings. The codings are then used in the estimation of parameters of indiv...

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Bibliographic Details
Published in:The review of economics and statistics 1997-08, Vol.79 (3), p.454-460
Main Authors: Chappell, Henry W., Havrilesky, Thomas M., McGregor, Rob Roy
Format: Article
Language:English
Subjects:
Committees
Content analysis
Data coding
Dissent
Economic models
Economic theory
Estimating techniques
Federal funds rate
Functions
Memoranda
Monetary policy
Open market operations
Parametric models
Preferences
Studies
Variable coefficients
Voting
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Summary:The Memoranda of Discussion provide detailed records of Federal Open Market Committee (FOMC) meeting deliberations. Procedures are developed for coding the textual data in the Memoranda and assessing the reliability of those codings. The codings are then used in the estimation of parameters of individual FOMC members' reaction functions. Data from the 1970 to 1976 period are employed in the estimation. In the future, similar methods could be used to analyze newly released transcripts of FOMC meetings held after 1976.
ISSN:0034-6535
1530-9142
DOI:10.1162/003465300556869