This paper develops conjectures regarding the process by which the President as a principal selects Federal Reserve Governors and Bank Presidents as his agents on the Federal Open Market Committee (FOMC). It first establishes that FOMC members can be grouped into sets which are marked by ease...

This paper develops statistical tests that show that, in Federal Open Market Committee voting, Federal Reserve bank presidents, as a group, prefer less expansionary monetary policy than Federal Reserve board members. Further tests show that a subset of Federal Reserve bank presidents vote in a...