Note: This is a description of the paper and not the abstract as it appeared in the print journal. We use the transcripts from FOMC meetings over 1984-91 to characterize the interactions between policymakers and builders of macro models in the formulation of U.S. monetary policy. We develop a...

This paper uses the transcripts from the FOMC meetings to characterize the interactions between policymakers and macro models in the formulation of U.S. monetary policy. We develop a taxonomy of these interactions and present two case studies. The first case focuses on the debate on the choice...