Chairperson Effects in Monetary Policy Shock Identification

Dan Groft

Applied Economics Quarterly (formerly: Konjunkturpolitik), 2022, vol. 68, issue 3, 191-230

Abstract: Monetary policy shocks can come from a variety of sources, including chairpersons of the Federal Reserve. Chairpersons may have different preferences as to which variables to put the most weight on, respond differently to political pressures, or have different personalities affecting the ability to gain consensus among participants. This paper investigates the effects of controlling for changes in chairperson when measuring monetary policy shocks in the Romer and Romer (AER 2004) framework. The results show that different chairpersons are a substantial source of shocks to policy.

Keywords: Monetary policy; central banks; monetary policy shocks; chairperson; interest rates (search for similar items in EconPapers)
JEL-codes: E40 E52 E58 (search for similar items in EconPapers)
Date: 2022
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