FOMC Responses to Calls for Transparency
FOMC Responses to Calls for Transparency
复制标题
联邦公开市场委员会 (FOMC) 回应透明度呼吁
DOI：
10.2139/ssrn.2647486
复制
发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Miguel Acosta
中科院分区：
文献类型：
--
作者：
Miguel Acosta
本文对1976年至2008年的联邦公开市场委员会（FOMC）会议记录和会议纪要进行了潜在语义分析，以分析美联储对透明度要求的回应。使用一个新构建的措施的透明度审议，我研究两个事件，定义明显不同的时期的透明度在这32年期间。首先，1978年的《汉弗莱-霍金斯法案》增加了联邦公开市场委员会使用会议记录传达会议内容的程度。历史证据表明，这种透明度的提高反映了对法案要求美联储在报告中提供有关其目标和目的的更详细信息的回应。第二，1993年决定公布几乎逐字记录的誊本也增加了透明度。然而，代价是每次会议的一致程度不断提高，成员一级内容分歧的差异减少就是证明。
I apply latent semantic analysis to Federal Open Market Committee (FOMC) transcripts and minutes from 1976 to 2008 in order to analyze the Fed's responses to calls for transparency. Using a newly constructed measure of the transparency of deliberations, I study two events that define markedly different periods of transparency over this 32-year period. First, the 1978 Humphrey-Hawkins Act increased the degree to which the FOMC used meeting minutes to convey the content of its meetings. Historical evidence suggests that this increased transparency reflected a response to the Act's requirement that the Fed provide greater detail in reporting with respect to its goals and objectives. Second, the 1993 decision to publish nearly verbatim transcripts also increased transparency. However, the cost was an increasing degree of conformity at each meeting, as evidenced by lower variance in content disagreement at the member level.
影响因子：
2.2
作者：
Landauer, TK;Foltz, PW;Laham, D
通讯作者：
Laham, D