Regional Influences on U.S. Monetary Policy: Some Implications For Europe
Regional Influences on U.S. Monetary Policy: Some Implications For Europe
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地区对美国货币政策的影响：对欧洲的一些影响
DOI：
10.2139/ssrn.307003
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
N. Sheets
中科院分区：
文献类型：
--
作者：
Ellen E. Meade;N. Sheets
本文考察了美国联邦储备委员会的货币政策决定，并询问这些决定是否仅受国家关切的影响，或者地区因素是否起到了作用。美联储的所有政策制定者都有一定的地区认同，即要么他们的立场明确具有某种地区从属关系，要么他们的原籍地区是在遴选过程中必须考虑的一个因素。这项研究与美联储有关，也可能与欧洲法兰克福羽翼未丰的央行有关。批评人士断言，欧洲央行政策制定者有动机根据各国的事态发展制定政策，并对各国的政治压力做出回应。我们发现，美联储政策制定者在决定货币政策时，确实会考虑地区性失业率的发展，而且这些地区性发展对身处金融中心的央行行长来说，比起中心地带的央行官员，更为重要。这些发现对投票方程式的各种不同规格都是稳健的。
This paper looks at the monetary policy decisions of the U.S. Federal Reserve and asks whether those decisions have been influenced solely by national concerns, or whether regional factors have played a role. All of the Federal Reserve's policymakers have some regional identity, i.e., either their positions explicitly carry some regional affiliation or their region of origin is a factor that must be considered in the selection process. This research is relevant for the Fed, and it may also be relevant for Europe's fledgling central bank in Frankfurt. Critics have asserted that ECB policymakers have an incentive to base policy on national developments and respond to national political pressures. We find that Fed policymakers do take into account developments in regional unemployment when deciding monetary policy, and that these regional developments are more important for central bankers at the hub than in the spokes. These findings are robust to a variety of different specifications of the voting equation.