caa a22 4500 477077811 CHVBK 20180405111443.0 cr unu---uuuuu 170330e19960701xx s 000 0 eng 10.1007/BF00130411 doi (NATIONALLICENCE)springer-10.1007/BF00130411 Krause George Department of Government and International Studies, Gambrell Hall, University of South Carolina, 29208, Columbia, SC aut Agent heterogeneity and consensual decision making on the Federal Open Market Committee [Elektronische Daten] [George Krause] The consensual aspects of decision making are essential for understanding policy made by administrative organizations that take the form of a commision or board. Consensual decision making reflects the degree of policy cohesion exhibited by high-level officials within administrative organizations. It is proposed here that this type of behavior may differ between heterogeneous agents. The Federal Open Market Committee (FOMC) of the Federal Reserve System serves as a salient setting for testing these propositions in a time series context. The empirical results indicate that major intra-institutional differences exist between Board of Governor (BOG) and Regional Bank President (RBP) members of the Federal Open Market Committee (FOMC) regarding consensual behavior. In terms of policy decision making, the econometric evidence clearly demonstrates that the consensual behavior of these agents are fundamentally different from one another. This in turn has important implications for the study of other commission and board policy making bodies that consist of agents who are not all homogeneous. Kluwer Academic Publishers, 1996 Public Choice Kluwer Academic Publishers; http://www.wkap.nl 88/1-2(1996-07-01), 83-101 0048-5829 88:1-2<83 1996 88 11127 https://doi.org/10.1007/BF00130411 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF00130411 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Krause George Department of Government and International Studies, Gambrell Hall, University of South Carolina, 29208, Columbia, SC aut NATIONALLICENCE 773 0- Public Choice Kluwer Academic Publishers; http://www.wkap.nl 88/1-2(1996-07-01), 83-101 0048-5829 88:1-2<83 1996 88 11127 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer