Cheryl Schonhardt-Bailey, deliberating American monetary policy: a textual analysis

摘要

Deliberating American Monetary Policy explores how discussion among monetary policy makers, and those who oversee them in Congress, contributes to the formation of monetary policy decisions. Applying quantitative textual analysis to transcripts from Federal Open Market Committee (FOMC) meetings and Congressional hearings on the Fed's Monetary Policy Report from 1976 to 2008 (with interviews of FOMC members and members of Congress and congressional staff serving as robustness checks), Cheryl Schonhardt-Bailey explores whether deliberation-"reasoned argument" (p. 5), in the case of monetary policy in a committee setting-matters, both in terms of process and outcome.