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Outside Influences On Monetary Policy: A Summary Of Recent Findings

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  • THOMAS HAVRILESKY

Abstract

This paper reports on a program that begun in 1985 to research political and private pressures on monetary policy. The program developed a number of measures of outside pressures on monetary policy, identified the time periods and circumstances under which the Federal Reserve was responsive to these measures, and indicated how different classes of Fed officials responded to certain of these pressures. Initial findings appear in a number of journal articles from 1987 to 1992. Havrilesky (1993) extends and refines these findings by employing new and larger data sets. Subsequent articles amplify the findings by estimating monetary policy reaction functions that specifically introduce outside influences together with state‐of‐the‐economy measures as explanatory variables.

Suggested Citation

  • Thomas Havrilesky, 1994. "Outside Influences On Monetary Policy: A Summary Of Recent Findings," Contemporary Economic Policy, Western Economic Association International, vol. 12(1), pages 46-51, January.
    • Handle: RePEc:bla:coecpo:v:12:y:1994:i:1:p:46-51
    DOI: 10.1111/j.1465-7287.1994.tb00411.x
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    References listed on IDEAS

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    1. Havrilesky, Thomas & Gildea, John A, 1992. "Reliable and Unreliable Partisan Appointees to the Board of Governors," Public Choice, Springer, vol. 73(4), pages 397-417, June.
    2. Thomas Havrilesky & John Gildea, 1991. "Screening Fomc Members For Their Biases And Dependability," Economics and Politics, Wiley Blackwell, vol. 3(2), pages 139-149, July.
    3. Henry W. Chappell & Thomas M. Havrilesky & Rob Roy McGregor, 1993. "Partisan Monetary Policies: Presidential Influence Through the Power of Appointment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(1), pages 185-218.
    4. Weintraub, Robert E., 1978. "Congressional supervision of monetary policy," Journal of Monetary Economics, Elsevier, vol. 4(2), pages 341-362, April.
    5. Havrilesky, Thomas, 1994. "The political economy of monetary policy," European Journal of Political Economy, Elsevier, vol. 10(1), pages 111-134, May.
    6. Havrilesky, Thomas, 1988. "Monetary Policy Signaling from the Administration to the Federal Reserve," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(1), pages 83-101, February.
    7. Havrilesky, Thomas, 1991. "The Frequency of Monetary Policy Signaling from the Administration to the Federal Reserve: Note," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 423-428, August.
    8. Havrilesky, Thomas, 1990. "The Influence of the Federal Advisory Council on Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(1), pages 37-50, February.
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    Cited by:

    1. Gregory D. Hess & Cameron A. Shelton, 2016. "Congress and the Federal Reserve," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(4), pages 603-633, June.
    2. Keith E. Schnakenberg & Ian R. Turner & Alicia Uribe-McGuire, 2017. "Allies or commitment devices? A model of appointments to the Federal Reserve," Economics and Politics, Wiley Blackwell, vol. 29(2), pages 118-132, July.
    3. Scheuerle, Andreas J., 1996. "Rationale Klienteltheorie und Parteienkooperation," Tübinger Diskussionsbeiträge 61, University of Tübingen, School of Business and Economics.
    4. Schnakenberg, Keith & Turner, Ian R & Uribe-McGuire, Alicia, 2021. "Allies or Commitment Devices? A Model of Appointments to the Federal Reserve," SocArXiv b5zts, Center for Open Science.
    5. Caitlin Ainsley, 2022. "Federal reserve appointments and the politics of senate confirmation," Public Choice, Springer, vol. 190(1), pages 93-110, January.

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