Congressional influence on US monetary policy: A reconsideration of the evidence

• 成果类型: Article
• 署名作者: Chopin, MC; Cole, CS; Ellis, MA
• 署名单位: University of North Texas System; University of North Texas Denton; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(96)01295-0
• 发表日期: 1996
• 页码: 561-570
• 关键词: Monetary policy; congressional influence

摘要

One of the few works that Ends strong evidence of congressional influence on U.S. monetary policy is Grier (1991), which finds a direct relationship between the liberalism of the Senate oversight committee leadership and monetary base growth. We extend this analysis by considering a longer sample period and by considering the preferences of House oversight committee leaders, in addition to Senators. Grier's evidence is not robust to these extensions. Where we do find correlation between congressional preferences and monetary base growth, increased liberalism of congressional oversight committees is associated with lower monetary base growth.