Replication data for: Political Pressures on Monetary Policy during the US Great Inflation
Principal Investigator(s): View help for Principal Investigator(s) Charles L. Weise
Version: View help for Version V1
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Project Citation:
Weise, Charles L. Replication data for: Political Pressures on Monetary Policy during the US Great Inflation. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114245V1
Project Description
Summary:
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Drawing on an analysis of Federal Open Market Committee (FOMC) documents, this paper argues that political pressures on the Federal Reserve were an important contributor to the rise in inflation in the United States in the 1970s. Members of the FOMC understood
that a serious attempt to tackle inflation would generate opposition from Congress and the executive branch. Political considerations contributed to delays in monetary tightening, insufficiently aggressive anti-inflation policies, and the premature abandonment of attempts at disinflation. Empirical analysis verifies that references to the political environment at FOMC meetings are correlated with the stance of monetary policy during this period. (JEL D72, E32, E52,
E58, N12)
Scope of Project
JEL Classification:
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D72 Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
E32 Business Fluctuations; Cycles
E52 Monetary Policy
E58 Central Banks and Their Policies
N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
D72 Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
E32 Business Fluctuations; Cycles
E52 Monetary Policy
E58 Central Banks and Their Policies
N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
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