“…They provide evidence that publishing verbatim transcripts of the FOMC meetings made members more reluctant to offer dissenting opinions, supporting the prediction in the theory literature of increased conformity. More recent work examines the effect of the 1993 natural experiment by using computational linguistics to analyze the FOMC's transcripts, some of which also find support for the conformity effect (Schonhardt‐Bailey 2013, Acosta 2015, Egesdal, Gill, and Rotemberg 2015, Peek, Rosengren, and Tootell 2016, Woolley and Gardner 2017, Wischnewsky, Jansen, and Neuenkirch 2021). Hansen, McMahon, and Prat (2018) find evidence for both effects, but conclude that the discipline effect dominates.…”