Voting Right Rotation, Behavior of Committee Members and Financial Market Reactions : Evidence from the U.S. Federal Open Market Committee /
Which Federal Reserve Bank presidents vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: nonvoting presidents do attend and participate in the meetings of the committee. We test two hypotheses about the dependence of presidents&...
| Κύριος συγγραφέας: | |
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| Άλλοι συγγραφείς: | , |
| Μορφή: | Επιστημονικό περιοδικό |
| Γλώσσα: | English |
| Έκδοση: |
Washington, D.C. :
International Monetary Fund,
2022.
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| Σειρά: | IMF Working Papers; Working Paper ;
No. 2022/105 |
| Θέματα: | |
| Διαθέσιμο Online: | Full text available on IMF |
| Περίληψη: | Which Federal Reserve Bank presidents vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: nonvoting presidents do attend and participate in the meetings of the committee. We test two hypotheses about the dependence of presidents' behavior on voting status. (i) Loss compensation: presidents compensate the loss of the right to vote with an increased use of speeches and contributions. (ii) Motivation: presidents complement the right to vote with an increased use of speeches and contributions. The evidence favors the motivation hypothesis. Also, in years that presidents vote, their speeches move financial markets less than in years they do not vote. We argue that this vote discount is consistent with presidents' communication behavior. |
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| Περιγραφή τεκμηρίου: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Φυσική περιγραφή: | 1 online resource (44 pages) |
| Μορφή: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Πρόσβαση: | Electronic access restricted to authorized BRAC University faculty, staff and students |