Deliberating American Monetary Policy: A Textual Analysis by Cheryl Schonhardt-Bailey

By Cheryl Schonhardt-Bailey

American financial coverage is formulated via the Federal Reserve and overseen through Congress. either coverage making and oversight are deliberative approaches, even supposing the impact of this deliberation has been tough to quantify. during this ebook, Cheryl Schonhardt-Bailey offers a scientific exam of deliberation on financial coverage from 1976 to 2008 by way of the Federal Reserve's Open marketplace Committee (FOMC) and condominium and Senate banking committees. Her leading edge account employs computerized textual research software program to check the verbatim transcripts of FOMC conferences and congressional hearings; those empirical info are supplemented and supported by means of in-depth interviews with individuals in those deliberations. the automatic textual research measures the attribute phrases, words, and arguments of committee contributors; the interviews provide how to gauge the level to which the empirical findings accord with the contributors' own reviews. studying why and lower than what stipulations deliberation issues for financial coverage, the writer identifies a number of suggestions of persuasion utilized by FOMC participants, together with Paul Volcker's emphasis on coverage credibility and efforts to steer financial expectancies. participants of Congress, even if, restricted by means of political issues, exhibit a relative passivity at the info of economic policy.

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