THE BIASES OF FEDERAL RESERVE BANK PRESIDENTS

Abstract

This paper develops statistical tests which show that in Federal Open Market Committee voting, Federal Reserve bank presidents, as a group, prefer less expansionary monetary policy than Federal Reserve board members. Further tests show that a subset of Federal Reserve bank presidents vote in a manner which is consistent with the partisanship of the U.S. president during whose term they were appointed. Membership in this subset is highly correlated with a career as an economist. These results have implications for reforms which would alter the voting power of bank presidents on the FOMC.

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