A Multinomial Logit Analysis of the Influence of Policy Variables and Board Experience on FOMC Voting Behavior

Stuart Allen, Jeremy Bray and Terry G Seaks

Public Choice, 1997, vol. 92, issue 1-2, 27-39

Abstract: Previous studies have used probit or logit models to analyze two states of monetary policy (tighter or looser). In this paper, the authors employ multinomial logit to permit Federal Reserve monetary policy to assume one of three alternative states (tighter, looser, or no change) as a function of three independent economic variables (unemployment, real growth, and inflation) and the amount of experience of the Board of Governors. The results indicate that the Federal Reserve reacted differently under Burns, Miller, and Volcker and between Volcker's two operating procedures in the formulation of monetary policy. Copyright 1997 by Kluwer Academic Publishers

Date: 1997
References: Add references at CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
http://journals.kluweronline.com/issn/0048-5829/contents link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:pubcho:v:92:y:1997:i:1-2:p:27-39

Ordering information: This journal article can be ordered from
http://www.springer. ... ce/journal/11127/PS2

Access Statistics for this article

Public Choice is currently edited by WIlliam F. Shughart II

More articles in Public Choice from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().