The Political Economy of American Monetary Policy

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Paperback | 24 May 1993

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326 Pages

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22.86 x 15.24 x 1.73

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This collection of essays examines the institutional framework in which monetary policy is made. The essays consider two questions: How free is the Fed to set monetary policy and to what extent do organizational problems affect the choice of that monetary policy? Topics covered include the Fed's response to movements on its goals, Congressional and presidential pressures on the Fed, the existence of political business cycles operating through monetary policy, and the extent to which monetary policy may be explained by the Fed's own interests. A final section examines the claim that the Federal Reserve follows countercyclical policy and evaluates its performance as a lender to banks both in normal times and as a lender of last resort.

Industry Reviews

"In summary, this volume presents a diverse and comprehensive set of hypotheses of Federal Reserve behavior that many readers will find interesting." Robert H. Rasche, Journal of Economic Literature

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Non-Fiction Economics Macroeconomics Monetary Economics Accounting & Finance Finance Banking

Preface
Introduction
Studying the Fed: towards a broader public choice perspective
The Federal Reserve reaction function: a specification search
Corporate profitability as a determinant of restrictive monetary policy: estimates for the post-war United States
Federal reserve behavior since 1980: a financial market perspective
The Federal Reserve and its institutional environment: a review
The political economy of monetary policy
Political monetary cycles
Congress and the Fed: Why the dog does not bark in the night
The Federal Reserve as a political power
Monetary policy and political economy: the Federal Reserve and the Bank of Japan Thomas Cargill
A positive analysis of the policymaking process at the Federal Reserve
A theory of FOMC dissent voting with evidence from the time series
Explaining FOMC members' votes
Fed behaviour and X-efficiency theory: toward a general framework
Minimizing regret: cognitive dissonance as an explanation of FOMC behavior
The discount window
Leaning against the wind: the behavior of the money stock in recession and recovery, 1953-8
Bureaucratic self-interest as an obstacle to monetary reform
Index
Table of Contents provided by Publisher. All Rights Reserved.

The Political Economy of American Monetary Policy

At a Glance

Paperback

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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