Consensus building on the FOMC: An analysis of end of tenure policy preferences

We document a behavioral idiosyncrasy in which Federal Reserve Bank presidents prefer tighter monetary policy at the end of their tenures. This suggests that consensus building on the Federal Open Market Committee occurs by moderating the policy preferences expressed by the presidents, rather than convincing them the consensus policy is superior.

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Year of publication:	2012
Authors:	Johnson, Eric D. ; Ellis, Michael A. ; Kotenko, Diana
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 117.2012, 1, p. 368-371
Publisher:	Elsevier
Subject:	Central banking \| Monetary policy \| Committee decisions

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Type of publication:	Article
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010580461