LEADER 03611oam 2200613I 450 001 9910814682503321 005 20190503073416.0 010 $a0-262-31472-X 035 $a(CKB)2550000001144891 035 $a(EBL)3339701 035 $a(SSID)ssj0001047407 035 $a(PQKBManifestationID)12432971 035 $a(PQKBTitleCode)TC0001047407 035 $a(PQKBWorkID)11160045 035 $a(PQKB)11592619 035 $a(StDuBDS)EDZ0000234240 035 $a(MiAaPQ)EBC3339701 035 $a(OCoLC)864822097$z(OCoLC)862371280 035 $a(OCoLC-P)864822097 035 $a(MaCbMITP)9697 035 $a(Au-PeEL)EBL3339701 035 $a(CaPaEBR)ebr10791808 035 $a(CaONFJC)MIL540365 035 $a(OCoLC)864822097 035 $a(EXLCZ)992550000001144891 100 $a20131209h20132013 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDeliberating American monetary policy $ea textual analysis /$fCheryl Schonhardt-Bailey ; with assistance and advice from Andrew Bailey 210 1$aCambridge, Massachusetts :$cThe MIT Press,$d[2013] 210 4$dİ2013 215 $a1 online resource (537 p.) 300 $aDescription based upon print version of record. 311 $a1-306-09114-4 311 $a0-262-01957-4 320 $aIncludes bibliographical references and index. 327 $aContents; Acknowledgments; 1 Introduction: Why Deliberation?; 2 Deliberation in Theoretical Perspective; 3 Deliberation in the FOMC; 4 Congressional Committees and Monetary Policy; 5 In Their Own Words - Perspectives from the FOMC and Congressional Banking Committees; 6 Does Deliberation Matter for Monetary Policy-Making?; Notes; Bibliography; Index 330 8 $aAmerican 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. 606 $aMonetary policy$zUnited States$xHistory 607 $aUnited States$xEconomic policy 610 $aECONOMICS/Macroeconomics 610 $aECONOMICS/Political Economy 615 0$aMonetary policy$xHistory. 676 $a339.5/30973 700 $aSchonhardt-Bailey$b Cheryl$f1961-$0140668 801 0$bOCoLC-P 801 1$bOCoLC-P 906 $aBOOK 912 $a9910814682503321 996 $aDeliberating American monetary policy$93978913 997 $aUNINA