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A Long History of FOMC Voting Behavior |
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| Authors: | Henry W. Chappell Rob Roy McGregor |
| Abstract: | We devise and apply a method for estimating monetary policy reaction functions for individual members of the Federal Open Market Committee (FOMC) of the Federal Reserve. Our method uses members' votes on the monetary policy directive in FOMC meetings as the key source of data on individual preferences. The analysis provides a ranking by preference for ease for 84 FOMC members who served during the 1966-1996 period. |
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