A systematic analysis of Federal Reserve and congressional deliberations on monetary policy, drawing on textual analysis software and in-depth interviews with participants.

American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been difficult to quantify. In this book, Cheryl Schonhardt-Bailey provides a systematic examination of deliberation on monetary policy from 1976 to 2008 by the Federal Reserve's Open Market Committee (FOMC) and House and Senate banking committees. Her innovative account employs automated textual analysis software to study the verbatim transcripts of FOMC meetings and congressional hearings; these empirical data are supplemented and supported by in-depth interviews with participants in these deliberations. The automated textual analysis measures the characteristic words, phrases, and arguments of committee members; the interviews offer a way to gauge the extent to which the empirical findings accord with the participants' personal experiences.

Analyzing why and under what conditions deliberation matters for monetary policy, the author identifies several strategies of persuasion used by FOMC members, including Paul Volcker's emphasis on policy credibility and efforts to influence economic expectations. Members of Congress, however, constrained by political considerations, show a relative passivity on the details of monetary policy.

About the Author

Cheryl Schonhardt-Bailey is Professor of Political Science at the London School of Economics and Political Science. She is the author of From the Corn Laws to Free Trade: Interests, Ideas, and Institutions in Historical Perspective (MIT Press).

"About this title" may belong to another edition of this title.

Store Description

I mainly carry imported books from South East Asia / South Asia for readers of all Age Groups.

Visit Seller's Storefront

Seller's business information

PLETOS INC
6931 51st Avenue, WOODSIDE, Woodside, NY, 11377, U.S.A.

Sale & Shipping Terms

Terms of Sale

We accept return for those books which are received damaged. Though we take appropriate care in packing to avoid such situation.

Shipping Terms

Shipping rates within U.S.A.

Shipping rates within U.S.A.
Order quantity	12 to 19 business days	12 to 14 business days
First item	US$ 3.99	US$ 6.99

Delivery times are set by sellers and vary by carrier and location. Orders passing through Customs may face delays and buyers are responsible for any associated duties or fees. Sellers may contact you regarding additional charges to cover any increased costs to ship your items.