Scholars often use Federal Open Market
Committee (FOMC) votes to estimate the
preferences of central bankers. However,
rarely do people cast dissenting votes. As
a result, voting records are not a random
sample and using votes to measure prefer-
ences may cause misleading measures and wrong substantive conclusions. Instead of using voting records, this article demonstrates the usefulness of using what central bankers say in FOMC meetings as a way to better measure central bank preferences. Putting together automated text
analysis tools and scaling methods, we estimate a new measure of central bank preferences on the FOMC leading up to the financial crisis.
Additional information:
Online-Ressource
Dieser Eintrag ist Teil der Universitätsbibliographie.
Search Authors in
