Public Choice

, Volume 160, Issue 1–2, pp 283–286 | Cite as

Cheryl Schonhardt-Bailey, deliberating American monetary policy: a textual analysis

Cambridge, MA: The MIT Press, 2013. x+523 Pages. USD 50.00 (cloth)
  • Alexander William Salter
Book Review

Deliberating American Monetary Policy explores how discussion among monetary policy makers, and those who oversee them in Congress, contributes to the formation of monetary policy decisions. Applying quantitative textual analysis1 to transcripts from Federal Open Market Committee (FOMC) meetings and Congressional hearings on the Fed’s Monetary Policy Report from 1976 to 2008 (with interviews of FOMC members and members of Congress and congressional staff serving as robustness checks), Cheryl Schonhardt-Bailey explores whether deliberation—“reasoned argument” (p. 5), in the case of monetary policy in a committee setting—matters, both in terms of process and outcome.

The introductory chapter provides a roadmap, outlining the scope of the inquiry and providing a basic argument as to the importance of deliberation for understanding monetary policy decisions. For Schonhardt-Bailey, deliberation matters because it helps us understand persuasion—a fuzzy topic in the social sciences, and...


Monetary Policy Public Choice Central Bank Independence Federal Open Market Committee Political Business Cycle 
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  1. Boettke, P. J., & Smith, D. J. (2013a). A century of influence: An anecdotal history of compromised Federal Reserve independence. GMU Working Paper in Economics, No. 12–40.Google Scholar
  2. Boettke, P. J., & Smith, D. J. (2013b). Federal Reserve independence: A centennial review. The Journal of Prices & Markets, 1(1), 31–48.Google Scholar
  3. Boettke, P. J., & Smith, D. J. (2013c). Monetary policy and the Nobel quest for robust political economy. Working paper.Google Scholar

Copyright information

© Springer Science+Business Media New York 2014

Authors and Affiliations

  1. 1.Department of EconomicsGeorge Mason UniversityFairfaxUSA

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