In a recent issue of this Review (1983), William Shughart and Robert Tollison (S-T) hypothesize that the Fed pursues a bureaucratic objective which results in an in monetary policy. They test this hypothesis empirically and conclude that it is supported by the data. This comment, however, shows that their statistical procedures are flawed and when corrected provide little support for the inflationary bias theory. The data actually suggest a different, but not very interesting or surprising, interpretation.