What's so Funny About Making Monetary Policy?
Kevin W. Capehart
American University - Department of Economics
Economic Inquiry, Vol. 51, Issue 4, pp. 2125-2130, 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.
Number of Pages in PDF File: 6
JEL Classification: E52, E58, C23
Date posted: August 24, 2013