Deliberating American Monetary Policy: A Textual Analysis by Cheryl Schonhardt-Bailey PDF

By Cheryl Schonhardt-Bailey

American financial coverage is formulated via the Federal Reserve and overseen via Congress. either coverage making and oversight are deliberative strategies, even if the impact of this deliberation has been tricky to quantify. during this e-book, Cheryl Schonhardt-Bailey presents a scientific exam of deliberation on financial coverage from 1976 to 2008 by way of the Federal Reserve's Open industry Committee (FOMC) and apartment and Senate banking committees. Her leading edge account employs computerized textual research software program to check the verbatim transcripts of FOMC conferences and congressional hearings; those empirical facts are supplemented and supported by means of in-depth interviews with contributors in those deliberations. the automatic textual research measures the attribute phrases, words, and arguments of committee participants; the interviews supply the way to gauge the level to which the empirical findings accord with the contributors' own stories. studying why and less than what stipulations deliberation concerns for financial coverage, the writer identifies numerous options of persuasion utilized by FOMC individuals, together with Paul Volcker's emphasis on coverage credibility and efforts to persuade financial expectancies. contributors of Congress, even though, restricted by means of political issues, convey a relative passivity at the information of economic policy.

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