The Review of Economics and Statistics Vol. 79 No. 3 1997

Monetary Policy Preferences of Individual FOMC Members: A Content Analysis of the Memoranda Of Discussion

Henry W. Chappell¹; Thomas M. Havrilesky²; Rob Roy McGregor³

¹ University of South Carolina · ² Duke University · ³ University of North Carolina at Charlotte

Abstract

The Memoranda of Discussion provide detailed records of Federal Open Market Committee (FOMC) meeting deliberations. Procedures are developed for coding the textual data in the Memoranda and assessing the reliability of those codings. The codings are then used in the estimation of parameters of individual FOMC members' reaction functions. Data from the 1970 to 1976 period are employed in the estimation. In the future, similar methods could be used to analyze newly released transcripts of FOMC meetings held after 1976.

DOI

10.1162/003465300556869

Volume

79

Issue

3

Pages

454-460

Language

en

Sources

openalex crossref

Cite

APA 7 MLA 9 Chicago (author–date) Harvard Elsevier Harvard (JFE, JBF…) The Accounting Review Academy of Management American Marketing Association INFORMS (Management Science) Copy citation Copied ✓