The Influence of the Federal Advisory Council on Monetary Policy
检验联邦咨询委员会（由十二名银行家组成）对联邦公开市场委员会利率决策的预测能力，回归和格兰杰因果检验未否定其影响，首次提供私人利益集团影响货币政策的实证证据。
The Federal Advisory Council consists of twelve bankers, elected by Federal Reserve Bank directorates, who advise the Federal Open Market Committee every three months on their desired direction for monetary policy. This paper tests the conjecture that the Council's directives to the Committee contain information that predicts subsequent changes in interest rates and Committee directives. Regression equations and Granger causality tests do not disprove the conjecture. This is the first hard evidence of private interest group influence on monetary policy. Copyright 1990 by Ohio State University Press.