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Deliberating American Monetary Policy
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Deliberating American Monetary Policy: A Textual Analysis

Cheryl Schonhardt-Bailey

Abstract

American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been difficult to quantify. This book provides a systematic examination of deliberation on monetary policy from 1976 to 2008 by the Federal Reserve’s Open Market Committee (FOMC) and House and Senate banking committees. The innovative account employs automated textual analysis software to study the verbatim transcripts of FOMC meetings and congressional hearings; these empirical data are supplemented an ... More

Keywords: Monetary policy, Federal Reserve, Congressional oversight, Deliberation, Textual Analysis, Federal Open Market Committee

Bibliographic Information

Print publication date: 2013 Print ISBN-13: 9780262019576
Published to MIT Press Scholarship Online: May 2014 DOI:10.7551/mitpress/9780262019576.001.0001

Authors

Affiliations are at time of print publication.

Cheryl Schonhardt-Bailey, author