THE POWER OF THE FEDERAL RESERVE CHAIR
研究了美联储主席对货币政策决策的影响力，构建投票模型并用FOMC会议数据估计，发现主席提案是委员会内部权力平衡的妥协结果。
Abstract This article examines the influence exerted by the Federal Reserve chair on monetary policy decisions. We construct a voting model where the chair selects the proposal that is initially put to a vote but is subject to an acceptance constraint that incorporates the preferences of the median Federal Open Market Committee (FOMC) member and the probability of counterproposals. The model is estimated by maximum likelihood using real‐time data from FOMC meetings. Results for all chairs in our sample show that the chair's proposal is the result of a compromise, reflecting a stable balance of power within the FOMC.