Supply shocks drive greater dissent on FOMC – BIS paper

Tougher trade-offs appear to reveal differences in policy-maker preferences, authors say

FOMC meeting January 2019
An FOMC meeting in January 2019

Members of the Federal Open Market Committee (FOMC) are more likely to dissent from the policy decision when responding to a supply shock, new research finds.

The Bank for International Settlements working paper explores how different structural shocks affect decisions by US Federal Reserve policy-makers. Authors Carlos Madeira, João Madeira and Paulo Santos Monteiro categorise shocks based on whether they are supply driven, demand driven, or the result of monetary policy decisions themselves.

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