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Deliberating American Monetary PolicyA Textual Analysis$
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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

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Deliberation in the FOMC

Deliberation in the FOMC

Chapter:
(p.57) 3 Deliberation in the FOMC
Source:
Deliberating American Monetary Policy
Author(s):

Cheryl Schonhardt-Bailey

Andrew Bailey

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262019576.003.0003

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

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