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Chairperson Effects in Monetary Policy Shock Identification

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  • Dan Groft

Abstract

Monetary policy shocks can come from a variety of sources, including chairpersons of the Federal Reserve. Chairpersons may have different preferences as to which variables to put the most weight on, respond differently to political pressures, or have different personalities affecting the ability to gain consensus among participants. This paper investigates the effects of controlling for changes in chairperson when measuring monetary policy shocks in the Romer and Romer (AER 2004) framework. The results show that different chairpersons are a substantial source of shocks to policy.

Suggested Citation

  • Dan Groft, 2022. "Chairperson Effects in Monetary Policy Shock Identification," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot GmbH, Berlin, vol. 68(3), pages 191-230.
    • Handle: RePEc:dah:aeqaeq:v68_y2022_i3_q3_p191-230
    DOI: 10.3790/aeq.68.3.191
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    More about this item

    Keywords

    Monetary policy; central banks; monetary policy shocks; chairperson; interest rates;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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