Replication data for: Political Pressures on Monetary Policy during the US Great Inflation

Name	File Type	Size	Last Modified
data			10/12/2019 09:30:PM
LICENSE.txt	text/plain	14.6 KB	10/12/2019 05:30:PM

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: 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:
      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-

Related Publications

Download this project

Published Versions

V1 [2019-10-12]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.