Jump to ContentJump to Main Navigation
Deliberating American Monetary PolicyA Textual Analysis$
Users without a subscription are not able to see the full content.

Cheryl Schonhardt-Bailey

Print publication date: 2013

Print ISBN-13: 9780262019576

Published to MIT Press Scholarship Online: May 2014

DOI: 10.7551/mitpress/9780262019576.001.0001

Show Summary Details
Page of

PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 30 June 2022

Deliberation in the FOMC

Deliberation in the FOMC

(p.57) 3 Deliberation in the FOMC
Deliberating American Monetary Policy

Cheryl Schonhardt-Bailey

Andrew Bailey

The MIT Press

The first part of this chapter analyses FOMC transcripts from 1979-99, finding shifts in the substance and style of deliberation, and a shift in the contributions of governors and reserve bank presidents. Part two focuses on the case of the Volcker Revolution in 1979, and the subsequent years of 1980-81. Textual analysis reveals a crucial role for Paul Volcker as chairman in laying out, and subsequently modifying, a major change in policy that enabled colleagues with quite disparate views on the objective and immediate setting of policy to coalesce around Volcker’s position. Part three of this chapter examines monetary policy making in 1999, twenty years after the Volcker Revolution. Persuasion plays a role in FOMC deliberation in that members adopt clear strategies of persuasion (e.g., cumulative argumentation around a consistent theme; emphasis on new argumentation; and explicit evidence-based argumentation where the consistent theme is more implicit).

Keywords:   FOMC, Federal Reserve, Monetary policy, Paul Volcker, Persuasion

MIT Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.