Do federal reserve bank presidents have a regional bias?
Alexander Jung () and
European Journal of Political Economy, 2015, vol. 40, issue PA, 173-183
This paper examines whether the monetary policy deliberations of the FOMC have been influenced by regional considerations. We explain individual interest rate preferences by district, and use real-time data to estimate Taylor-type rules (sample 1990 to 2008). In line with the literature, this paper confirms that regional variables are explanatory factors of the interest rate preferences of most Reserve Bank Presidents. A new finding is that only few Reserve Bank Presidents display a regional bias in their interest rate preferences. Given their nature and size, these biases did not impede on the Fed's capacity to set interest rates with a nationwide focus.
Keywords: Individual Taylor-type rules; Regional bias; Real-time data; Interest rate preferences (search for similar items in EconPapers)
JEL-codes: C12 C30 D72 E58 (search for similar items in EconPapers)
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Working Paper: Do federal reserve bank presidents have a regional bias? (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:poleco:v:40:y:2015:i:pa:p:173-183
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