The Use of Inputs by the Federal Reserve System: Comment
评论了Shughart和Tollison关于美联储追求官僚目标导致通胀偏向的假说，指出其统计方法有缺陷，修正后数据不支持该理论，反而暗示另一种平淡的解释。
In a recent issue of this Review (1983), William Shughart and Robert Tollison (S-T) hypothesize that the Fed pursues a bureaucratic objective which results in an in monetary policy. They test this hypothesis empirically and conclude that it is supported by the data. This comment, however, shows that their statistical procedures are flawed and when corrected provide little support for the inflationary bias theory. The data actually suggest a different, but not very interesting or surprising, interpretation.