Aug 26, 2013

What's So Funny About Making Monetary Policy?

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. 
That is form a paper by Kevin W. Capehart. I did not find a full paper, but a video is here

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