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- handle: 10670/1.lfxavn
- hal: hal-04206047
- doi: 10.1016/j.econmod.2017.08.014
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Transcripts FOMC Interest Rate, Individual Taylor Rule, JEL Classification: E43, E58, F36 Transcripts FOMC Interest Rate, Individual Taylor Rule, JEL Classification: E43, E58, F36 FOMC Interest Rate Individual Taylor Rule JEL Classification: E43 E58 F36 Interest Rate Individual Taylor Rule JEL Classification: E43 E58 F36 E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E43 - Interest Rates: Determination, Term Structure, and Effects E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their Policies F - International Economics/F.F3 - International Finance/F.F3.F36 - Financial Aspects of Economic IntegrationSujets proches
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Hamza Bennani et al., « Influence of regional cycles and personal background on FOMC members’ preferences and disagreement », HAL-SHS : économie et finance, ID : 10.1016/j.econmod.2017.08.014
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This paper sheds some new light on the determinants of FOMC members’ monetary policy preferences. For that purpose, we use a new dataset of macroeconomic indicators for the Fed districts, as well as preferences revealed by FOMC members in the Transcripts, to compute a desired interest rate for each individual member. First, we find that FOMC members react to the regional unemployment rate. Second, individuals holding a Master or Bachelor degree, and issued from either the central bank, or from the private or public sector have a higher propensity to disagree on the dovish side, while women tend to disagree on the hawkish side. These findings provide further insights for central bank watchers about the upcoming policy decisions that are likely to be implemented by the FOMC, following the composition of its committee and the evolution of regional cycles.