Congressional policy preferences and US monetary policy

• 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)01297-4
• 发表日期: 1996
• 页码: 581-585
• 关键词: Monetary policy; congressional influence

摘要

This paper shows that the evidence of congressional impotence in influencing U.S. monetary policy presented in Chopin et al. (1996) is robust to inclusion of a dummy variable for the tenure of House Banking Committee Chairman Wright Patman. This result is in contrast to the assertion of Grier (1996). Further, we show that specification problems of models of congressional influence over a sample period that extends beyond the mid-1980s can be the result of omitted variable bias. When macroeconomic variables, including oil price shocks, are included in the model, our results continue to hold. Contrasting our results with Crier's indicates that the evidence concerning congressional influence is sensitive to the measure of congressional preferences.