Private Sector Influences on Monetary Policy in the United States
研究美联储货币政策是否与私营部门游说团体的意愿相关，发现1979年前后非金融团体和银行界信号的影响发生了互换。
I examine the extent to which the Federal Reserve's monetary policy actions are correlated with the expressed wishes of private sector lobbying groups. I update and extend work by Havrilesky (1990, 1993) regarding the effect of signals from the banking industry through the Federal Advisory Council (FAC). I also construct a new database containing statements from non-financial interest groups. I find that monetary policy actions are correlated with signals from non-financial groups before 1979 but not after, and are correlated with signals from the FAC after 1979 but not before. I also find that the Fed's policy stance more closely matches the preferred stance of the banking industry after 1979. Copyright (c)2008 The Ohio State University.