Regional economic conditions and monetary policy

被引：34
|
作者：
Chappell, Henry W., Jr. [2 ]
McGregor, Rob Roy [1 ]
Vermilyea, Todd A. [3 ]
机构：
[1] Univ N Carolina, Charlotte, NC 28223 USA
[2] Univ S Carolina, Dept Econ, Columbia, SC 29208 USA
[3] Fed Reserve Bank Philadelphia, Philadelphia, PA 19106 USA
来源：
EUROPEAN JOURNAL OF POLITICAL ECONOMY | 2008年 / 24卷 / 02期
关键词：
central banking; Federal Reserve; monetary policy; regional economic conditions;
D O I：
10.1016/j.ejpoleco.2007.10.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We use county-level unemployment data and data derived from FOMC meeting transcripts to test the hypothesis that monetary policymakers are influenced by economic conditions in regions that they represent. The analysis confirms that regional conditions affect the policy preferences of Reserve Bank presidents. Regional conditions also appear to influence Governors, but the evidence is weaker. For all FOMC members, we find that national conditions matter more than regional conditions; however, we are unable to verify that the evolving regional composition of the Committee's voting membership has any effect on the adopted policy stance. (C) 2008 Elsevier B.V All rights reserved.
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页码：283 / 293
页数：11
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