6 Pages Posted: 24 Aug 2013
Date Written: October 2013
During their meetings, the members of the Federal Open Market Committee (FOMC) make monetary policy, but they also make each other laugh. This article studies the amount of laughter elicited by members of the FOMC during their meetings. The study finds that a member elicits more laughter if he or she expects higher inflation, other things being equal. This finding suggests that members may use humor to cope with the threat of inflation.
JEL Classification: E52, E58, C23
Suggested Citation: Suggested Citation
Capehart, Kevin W., What's so Funny About Making Monetary Policy? (October 2013). Economic Inquiry, Vol. 51, Issue 4, pp. 2125-2130, 2013. Available at SSRN: https://ssrn.com/abstract=2315400 or http://dx.doi.org/10.1111/ecin.12004
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