کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10140491 | 1646024 | 2018 | 15 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Disagreement between FOMC members and the Fed's staff: New insights based on a counterfactual interest rate
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We examine the degree and sources of disagreement between the members of the Federal Open Market Committee (FOMC) and the Federal Reserve's (Fed's) staff about the appropriate policy rate for the period 1994-2012. For that purpose, we compute a recommended interest rate for the Fed's staff based on its own Greenbook forecasts and a time-varying monetary policy rule à la Taylor (1993), and compare it with the actual target rate. First, we find that there has been internal disagreement between FOMC members and the Fed's staff about the appropriate policy rate. Second, we reveal that members with an occupational background in finance favor a relatively more hawkish monetary policy. In addition, a preference towards a tighter monetary policy is found under a Democratic President and during Alan Greenspan's tenure as the Fed's Chairman. Finally, higher oil prices, a low degree of uncertainty, and episodes of financial stability are also associated with higher interest rates as compared to the Fed staff's recommendation.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 58, December 2018, Pages 139-153
Journal: Journal of Macroeconomics - Volume 58, December 2018, Pages 139-153
نویسندگان
Hamza Bennani, Tobias Kranz, Matthias Neuenkirch,