Data and Code for: Regional Dissent: Do Local Economic Conditions Influence FOMC Votes?

Principal Investigator(s): View help for Principal Investigator(s) Anton Bobrov, University of Michigan; Rupal Kamdar, Indiana University, Bloomington; Mauricio Ulate, Federal Reserve Bank of San Francisco

Version: View help for Version V1

Name	File Type	Size	Last Modified
Code			12/18/2024 02:05:PM
Data			11/04/2024 02:40:AM
Figures			12/18/2024 02:06:PM
Output			12/18/2024 02:08:PM
Tables			12/18/2024 02:10:PM
README.pdf	application/pdf	248.3 KB	12/19/2024 09:55:PM

Project Citation:

Bobrov, Anton, Kamdar, Rupal, and Ulate, Mauricio. Data and Code for: Regional Dissent: Do Local Economic Conditions Influence FOMC Votes? Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-05-12. https://doi.org/10.3886/E210141V1

Project Description

Summary: U.S. monetary-policy decisions are made by the 12 voting members of the FOMC. Seven of these members inherently represent national-level interests. The remaining members, a rotating group of presidents from the 12 Federal Reserve districts, come instead from sub-national jurisdictions. Does this structure have implications for the monetary policy-making process? We provide novel evidence that regional economic conditions influence the voting behavior of district presidents. Specifically, a regional unemployment rate that is one-percentage-point higher than the national level is associated with an approximately nine-percentage-points higher probability of dissenting in favor of looser policy at the FOMC.

Scope of Project

Subject Terms: Monetary Policy; FOMC; Regional Economic Conditions; Taylor Rule

JEL Classification:
      E32 Business Fluctuations; Cycles
      E52 Monetary Policy
      E58 Central Banks and Their Policies
      E61 Policy Objectives; Policy Designs and Consistency; Policy Coordination

Geographic Coverage: United States of America

Time Period(s): 1/1/1990 – 12/31/2017

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Published Versions

V1 [2025-05-12]

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DDI 2.5

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