Monetary Policy Preferences of Individual FOMC Members: A Content Analysis of the Memoranda Of Discussion
开发了对《讨论备忘录》中文本数据进行编码并评估其可靠性的方法，利用这些编码估计1970-1976年间FOMC成员个人的反应函数参数，为分析货币政策偏好提供新工具。
The Memoranda of Discussion provide detailed records of Federal Open Market Committee (FOMC) meeting deliberations. Procedures are developed for coding the textual data in the Memoranda and assessing the reliability of those codings. The codings are then used in the estimation of parameters of individual FOMC members' reaction functions. Data from the 1970 to 1976 period are employed in the estimation. In the future, similar methods could be used to analyze newly released transcripts of FOMC meetings held after 1976.