Disagreement, Regional Representation,and Federal Reserve Transcript Publication

Ellen Meade

No 2007-21, Working Papers from American University, Department of Economics

Abstract: This short paper looks at disagreement within the Federal Reserve's monetary policy committee, the Federal Open Market Committee or FOMC, following a change in transparency practices taken in 1993 to publish verbatim transcripts of FOMC meetings. Other literature has examined the effects of opening the FOMC's deliberations to public view, and provided empirical evidence that the publication of transcripts made policymakers less willing to voice disagreement with the chair-man's policy proposal. This paper adds to that work by examining whether regional variables are important to the analysis and whether the transcription effects change when regional variables are included in the estimation. The results suggest that regional effects, as represented by the voting share of each Federal Reserve district, are important in explaining disagreements voiced during FOMC deliberations and do not diminish transcription effects.

Keywords: Central banking; Monetary policy; Transparency (search for similar items in EconPapers)
JEL-codes: E42 E58 E65 F33 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2007-11
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https://doi.org/10.17606/z9e0-8789 First version, 2007 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:amu:wpaper:200721

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