This paper combines an experimental design and an artifical neural network to investigate the behavior of the Federal Reserve Board of Governors. The evidence suggests that FOMC decision making has been influenced by the presidential administration, with particularly strong evidence that influence from the Kennedy‐Johnson administrations led to easier policy.
Smith, P.A. and MacLin, O.H. (1995), "HAVE PRESIDENTS INFLUENCED MONETARY POLICY: NEW EVIDENCE FROM AN ARTIFICIAL NEUTRAL NETWORK", Studies in Economics and Finance, Vol. 16 No. 1, pp. 23-45. https://doi.org/10.1108/eb028716
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