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Working Paper

Coalitions, Power, and the FOMC

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We apply a notion of power defined for coalitions derived from the Shapley value. We calculate the power of coalitions within a twelve-person committee, meant to correspond to the FOMC.
05.01.2001ISSN 2573-7953 WP 01-03DOI 10.26509/frbc-wp-200103
Keywords monetary policy, committee, co-operative games
JEL Classification Codes E58, D71, C71

Working Papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.

Suggested Citation

Haubrich, Joseph G., and Owen F. Humpage. 2001. “Coalitions, Power, and the FOMC.” Federal Reserve Bank of Cleveland, Working Paper No. 01-03. https://doi.org/10.26509/frbc-wp-200103