Is the U.S. fed voting record informative about future monetary policy?

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11640%2F12%3A00388300" target="_blank" >RIV/00216208:11640/12:00388300 - isvavai.cz</a>
Result on the web
<a href="http://journal.fsv.cuni.cz/storage/1259_478-484_---horvath.pdf" target="_blank" >http://journal.fsv.cuni.cz/storage/1259_478-484_---horvath.pdf</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Is the U.S. fed voting record informative about future monetary policy?
Original language description
We examine the information content of U.S. Fed voting records under the Greenspan chairmanship. We find that the voting records of FOMC members, as captured by the difference between the average voted-for and actually implemented policy rate, signal thefuture course of monetary policy. The committee bias, an official statement on how the Fed is leaning in terms of its next interest rate move, is found to improve monetary policy predictability, too. On the other hand, the voting of alternate members, who actively contribute to the discussions at the monetary policy meetings but whose votes do not count for setting the interest rate, does not have predictive power and is more in line with that of the chairman.
Czech name
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Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year
2012
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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