Partisan Monetary Policies: Presidential Influence Through the Power of Appointment
研究总统如何通过任命美联储理事来影响货币政策，发现任命过程是党派差异产生的主要机制，对理解政治与央行独立性关系有参考价值。
We investigate the channels through which partisan influence from a Presidential administration could affect monetary policy-making. Influence could be a result of direct Presidential pressure exerted on members of the Federal Open Market Committee (FOMC), or it could be a result of partisan considerations in Presidential appointments to the Board of Governors. To investigate these two channels of influence, we devise and apply a method for estimating parameters of monetary policy reaction functions that can vary across individual members of the FOMC. Our results suggest that the appointments process is the primary mechanism by which partisan differences in monetary policies arise.