Congressional policy preferences and U.S. monetary policy
Article Abstract:
The research demonstrates that the results of the Chopin et al (1996) study on congressional influence on US monetary policy hold even when a dummy variable for the tenure of House Banking Committee Chairman Wright Patman is included. It showed that no positive relationship exists between the liberalism of the oversight committee, as shown by ADA scores, and the growth rate of the monetary base, which is in contrast with the results of the Grier (1991) study. The results of the study are also found to be robust even when macroeconomic variables, such as oil price shocks, are added to the model of congressional influence.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1996
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Congressional oversight committee influence on US monetary policy revisited
Article Abstract:
A study by Chopin, Cole and Ellis (CCE) revealed that the House leadership is statistically above Senate leadership in forecasting money growth and that increased liberalism in House leadership is correlated with lower base growth. It demonstrated that leadership of the House and Senate hold a significant positive effect over the original sample of the Grier (1991) study. However, the assertion made by CCE that preferences of the Senate Banking Committee do not hold significance in base growth regressions when data from the late 1980s to early 1990s is acknowledged by the study.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1996
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Congressional influence on U.S. monetary policy: a reconsideration of the evidence
Article Abstract:
The study expanded the analysis of the Grier study on congressional influence on US monetary policy to include longer sample period as well as the preferences of the House and the Senate. The inclusion of both the House and the Senate demonstrated that the increased liberalism of the House Banking Committee leadership is linked with lower growth of the monetary base. The extended analysis also found out that the findings of the Grier study failed to be robust over the longer sample period.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1996
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