Private Sector Influences on Monetary Policy in the United States

Charles Weise ()

Journal of Money, Credit and Banking, 2008, vol. 40, issue 2‐3, 449-462

Abstract: I examine the extent to which the Federal Reserve's monetary policy actions are correlated with the expressed wishes of private sector lobbying groups. I update and extend work by Havrilesky (1990, 1993) regarding the effect of signals from the banking industry through the Federal Advisory Council (FAC). I also construct a new database containing statements from non‐financial interest groups. I find that monetary policy actions are correlated with signals from non‐financial groups before 1979 but not after, and are correlated with signals from the FAC after 1979 but not before. I also find that the Fed's policy stance more closely matches the preferred stance of the banking industry after 1979.

Date: 2008
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https://doi.org/10.1111/j.1538-4616.2008.00121.x

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Journal Article: Private Sector Influences on Monetary Policy in the United States (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jmoncb:v:40:y:2008:i:2-3:p:449-462

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