What's so Funny About Making Monetary Policy?

6 Pages Posted: 24 Aug 2013  

Kevin W. Capehart

American University - Department of Economics

Date Written: October 2013

Abstract

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

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

Kevin W. Capehart (Contact Author)

American University - Department of Economics ( email )

4400 Massachusetts Avenue, N.W.
Washington, DC 20016-8029
United States

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