When Do FOMC Voting Rights Affect Monetary Policy?

We are deeply grateful to Peter Conti-Brown for many inspiring discussions, and would like to thank Shai Bernstein, Nicholas Bloom, Anna Cieslak, Darrell Duffie, Anastassia Fedyk, Refet Gürkaynak, Wei Jiang, Amit Seru, Jeremy Stein, Tarik Umar, Andrea Vedolin and seminar and conference participants at Boston College, CUFE, Carnegie Mellon University, Columbia University, Lancaster Management School, Manchester Business School, New York Fed, Northeastern University, SUFE, Tsinghua University, University of California Berkeley, University of Colorado Boulder, University of Hong Kong, University of Massachusetts Amherst, University of Illinois Urbana-Champaign Gies, University of Virginia Darden, Zhejiang University, ITAM Conference, 13th NYULawFin/SAFE-ESCP BS Law & Banking/Finance Conference, European Summer Symposium in Financial Markets, NFA, UCLA Fink Center Finance Conference, WFA, and Stanford SITE for comments and suggestions. We would also like to thank our exceptional research assistant team: Jianbo Bin, Paul Bo Cai, Nova Nuoer Chen, Sun Woong Kim, Ted Yufei Ma, Shuyi Niu, Xiaochen Niu, Jade Peng, Zimin Qiu, Anushka Shah, Tommaso Tamburelli, August Zhiao Yuan, and Yizhong Zhang. An earlier version of the paper has circulated under the title “Do the Voting Rights of Federal Reserve Bank Presidents Matter?” First SSRN draft: September 26, 2022. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.