TY - BOOK ID - 67085620 TI - Deliberating American monetary policy : a textual analysis. AU - Schonhardt-Bailey, Cheryl AU - Bailey, Andrew D. PY - 2013 SN - 9780262019576 0262019574 PB - Cambridge, MA MIT DB - UniCat KW - Monetary policy KW - History KW - United States KW - Economic policy KW - US / United States of America - USA - Verenigde Staten - Etats Unis KW - 333.111.0 KW - 333.80 KW - 331.150 KW - 321.2 KW - 331.31 KW - Algemeenheden. Theoretische en beschrijvende studies. Centrale banken. KW - Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. KW - Geschiedenis van het geldwezen: algemeenheden. KW - Economisch beleid van de overheid. KW - Economisch beleid. KW - Algemeenheden. Theoretische en beschrijvende studies. Centrale banken KW - Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden KW - Geschiedenis van het geldwezen: algemeenheden KW - Economisch beleid van de overheid KW - Economisch beleid KW - Monetary policy - United States - History KW - United States - Economic policy UR - https://www.unicat.be/uniCat?func=search&query=sysid:67085620 AB - 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. ER -