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Monetary Politics : The Federal Reserve and the Politics of Monetary Policy - John T. Woolley

Monetary Politics

The Federal Reserve and the Politics of Monetary Policy

Paperback Published: 10th November 1986
ISBN: 9780521312479
Number Of Pages: 296

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This is the first book to describe and analyze the relationships between the Federal Reserve and the president, Congress, bankers, and economists. Far from being politically independent, the Federal Reserve is shown to be sensitive to a wide range of political influences.

Industry Reviews

'Monetary Politics is a valuable addition to the literature because of its attention to the monetary side of the political business cycle and for its institutional analysis.' American Political Science Review 'Woolley's study is a refreshing alternative to both the short-term preoccupations with market movements and the trivialisation of the analysis of political influences ... This is a scholarly study, well documented at every point. It is essential reading to anyone who wants to understand monetary policy making in the United States in its full institutional context.' The Banker 'A major contribution to the literature on American governmental institutions and on economic policy-making. This volume fills a large gap.' Journal of Politics 'Woolley's grace as a writer makes the intricacies of monetary policy accessible to non-specialists.' Congressional Quarterly 'John Woolley provides an excellent examination of how the Federal Reserve has played its political cards in recent years.' The American Banker 'His findings are substantiated by the data; his documentation is superb; the empirical evidence is convincing. Woolley has made a solid, new contribution to the literature. Both political scientists and economists who seek the deeper understanding of the Fed and the influence of outside pressures will find his analysis to be very rewarding.' Policy Studies Journal

Prefacep. ix
The Federal Reserve and the Politics of Monetary Policy: Introduction and Overviewp. 1
What is at stake?p. 3
Relationships with external actorsp. 10
A framework for examining issues and relationships in monetary politicsp. 15
The political position of the Federal Reservep. 22
Conclusion and overviewp. 27
A Capsule History of the Federal Reserve Systemp. 30
Defining the role of government in financial mattersp. 31
The Federal Reserve: proximate sourcesp. 35
The conception of the role of the Federal Reservep. 39
Resolving the question of the location of power over monetary policyp. 41
Conclusionp. 46
Recruitment and Selection of Federal Reserve Personnelp. 48
Recruitment processesp. 49
Occupational backgrounds of successful candidatesp. 55
Background and behaviorp. 61
Movement out of the Systemp. 64
Conclusionp. 67
Bankers and the Federal Reservep. 69
The question of capturep. 69
Bankers' interestsp. 71
Bankers' political resourcesp. 74
What have the bankers received?p. 80
Conclusionp. 85
Economists and the Federal Reservep. 88
Non-issuesp. 88
Monetarists and the issues in monetary politicsp. 90
Mainstream economists and control of the Federal Reservep. 96
The monetarist counterthrustp. 99
Economists' conflicts and Federal Reserve behaviorp. 101
Conclusionp. 105
The President and the Federal Reservep. 108
Presidential relations with the Federal Reservep. 109
Conflictsp. 119
Electionsp. 125
Conclusionp. 129
Congress and the Federal Reservep. 131
Congress: capabilities and incentivesp. 132
The banking committeesp. 133
Patterns of interaction with the Federal Reservep. 138
The congressional challenge of 1975p. 144
Conclusionp. 152
Making Monetary Policy in a Political Environment: The Election of 1972p. 154
The plausibility of the charge of election-year misbehaviorp. 155
Discordant notes: Burns versus the White House, 1970-1971p. 157
The alternative view: the pressure of controlsp. 158
Inside the FOMC in 1972p. 161
1972 in retrospectp. 168
Conclusionp. 179
Monetary Politics: A Summaryp. 181
Political economy approachesp. 185
Patterns of mobilization and monetary politicsp. 190
A Note on Data Sourcesp. 195
Legislation Included in Table 7.1p. 203
Academic Backgrounds and Career Experiences of Notable Monetaristsp. 208
Notesp. 211
Bibliographic Notep. 271
Indexp. 275
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780521312479
ISBN-10: 0521312477
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 296
Published: 10th November 1986
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.7
Weight (kg): 0.44

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