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The Pressures on American Monetary Policy - Thomas M. Havrilesky

The Pressures on American Monetary Policy

Hardcover Published: 30th April 1995
ISBN: 9780792395614
Number Of Pages: 381

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The basic motivation for this book is my lifelong interest in the relationship between political processes and macroeconomic outcomes, especially in the area of monetary policy. Nowadays, monetary policy is an area where political considerations are believed by scholars to regularly impact upon economic results. In contrast, when my interest in this subject began thirty years ago, the scholarly literature on monetary policy hardly ever mentioned systematic political influences. My dissertation at the University of Illinois in 1966 and my first article (in the Joumal of Political Economy in 1967) addressed the modeling and estimation of the concerns that propel monetary policy. In the political and economic turbulence of the period from the late 1960s through the early 1980s, it became clear that the directions taken by monetary policy were changing with some frequency. My research during that period dealt with models of monetary policy. In attempting to measure these changes, it suggested that monetary policy reactions to the state of the economy were not stable over time. During this period I became interested in reforms which might reduce the resulting instability in the economy. For example, my 1972 article in the Joumal of Political Economy suggested systematic penalties Federal Reserve officials who failed to meet the goal of monetary stability by tying their budgets or salaries inversely to the rate of inflation.

Introductionp. 1
The Pressures on Monetary Policy: An Overviewp. 11
Executive Branch Pressures on Monetary Policy: 1914-1994p. 28
Legislative Branch Pressures on Monetary Policy: 1914-1994p. 83
Is the Federal Reserve Responsive to Monetary Policy Signaling from The Administrationp. 118
Is Federal Reserve Responsiveness to Signaling Propelled by Congressional Threats or Chairmen's Allegiancesp. 158
The Causes of Signaling from the Administration and Threats from Congress to the Federal Reservep. 202
Monetary Policy Signaling from Congress to the Federal Reservep. 227
Banking and Other Private Sector Influences on Monetary Policyp. 255
The Power of Appointment and Monetary Policyp. 288
Monetary Reformp. 332
Indexp. 371
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780792395614
ISBN-10: 0792395611
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 381
Published: 30th April 1995
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 24.13 x 16.51  x 2.54
Weight (kg): 0.73
Edition Number: 2
Edition Type: Revised

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