Deliberating American Monetary Policy: A Textual Analysis - download pdf or read online

By Cheryl Schonhardt-Bailey

ISBN-10: 0262019574

ISBN-13: 9780262019576

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

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Deliberating American Monetary Policy: A Textual Analysis (MIT Press) by Cheryl Schonhardt-Bailey

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