When Do FOMC Voting Rights Affect Monetary Policy?

Using data from 472 FOMC meetings during 1969-2019 and the exogenous rotation of voting rights among Reserve Bank presidents, we identify 130 meetings in which inflation in voting presidents' districts had a causal impact on the Federal funds target rate (FFR). Inflation in non-voting presidents' districts, national inflation, and GreenBook forecasts had an insignificant effect on the FFR, implying that the FFR diverged from the rate that would have prevailed if all presidents had voted. The 130-meeting subsample satisfies three criteria: the FFR is a relevant policy tool, there is substantial dispersion in district-level inflation, and FOMC decisions are unanimous.