All 12 presidents of the various regional Federal Reserve banks – including me – and the governors of the Federal Reserve Board contribute to these deliberations. However, the Committee itself consists only of the governors, the president of the Federal Reserve Bank of New York and a rotating group of four other presidents. I’m one of those four presidents this year.
7  Fahr, S, R Motto, M Rostagno, F Smets and O Tristani (2013), A monetary policy strategy in good and bad times: lessons from the recent past, Economic Policy, April, 243–288. 8  Papademos, L and J Stark (eds) (2010), Enhancing monetary analysis, ECB, chap. 6.