TY - JOUR
T1 - Congressional influence on U.S. monetary policy
T2 - A reconsideration of the evidence
AU - Chopin, Marc C.
AU - Cole, C. Steven
AU - Ellis, Michael A.
PY - 1996/12/1
Y1 - 1996/12/1
N2 - One of the few works that finds strong evidence of congressional influence on U.S. monetary policy is Grier (1991), which finds a direct relationship between the liberalism of the Senate oversight committee leadership and monetary base growth. We extend this analysis by considering a longer sample period and by considering the preferences of House oversight committee leaders, in addition to Senators. Grier's evidence is not robust to these extensions. Where we do find correlation between congressional preferences and monetary base growth, increased liberalism of congressional oversight committees is associated with lower monetary base growth.
AB - One of the few works that finds strong evidence of congressional influence on U.S. monetary policy is Grier (1991), which finds a direct relationship between the liberalism of the Senate oversight committee leadership and monetary base growth. We extend this analysis by considering a longer sample period and by considering the preferences of House oversight committee leaders, in addition to Senators. Grier's evidence is not robust to these extensions. Where we do find correlation between congressional preferences and monetary base growth, increased liberalism of congressional oversight committees is associated with lower monetary base growth.
KW - Congressional influence
KW - Monetary policy
UR - http://www.scopus.com/inward/record.url?scp=0030498364&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=0030498364&partnerID=8YFLogxK
U2 - 10.1016/S0304-3932(96)01295-0
DO - 10.1016/S0304-3932(96)01295-0
M3 - Article
AN - SCOPUS:0030498364
SN - 0304-3932
VL - 38
SP - 561
EP - 570
JO - Carnegie-Rochester Confer. Series on Public Policy
JF - Carnegie-Rochester Confer. Series on Public Policy
IS - 3
ER -