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The Political Economy of American Monetary Policy

$29.00 USD

Thomas Mayer, Thomas Willett, Salwa Khouri, Gerald Epstein, Juliet Schor, William Melton, V. Vance Roley, Michael Munger, Brian Roberts, Robert Hetzel, Nathaniel Beck, James Pierce, Thomas Cargill, Michael Hutchinson, Raymond Lombra, Nicholas Karamouzis, Thomas Havrilesky, Robert Schweitzer, John Gildea, Harinder Singh, Roger Frantz, William Pool, Elmus Wicker, Edward Kane
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  • Date Published: April 2011
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9780511890369

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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 organisational 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 counter-cyclical policy and evaluates its performance as a lender to banks both in normal times and as a lender of last resort.

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    Product details

    • Date Published: April 2011
    • format: Adobe eBook Reader
    • isbn: 9780511890369
    • contains: 4 b/w illus. 30 tables
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    Preface
    1. Introduction Thomas Mayer
    2. Studying the Fed: towards a broader public choice perspective Thomas Willett
    3. The Federal Reserve reaction function: a specification search Salwa Khouri
    4. Corporate profitability as a determinant of restrictive monetary policy: estimates for the post-war United States Gerald Epstein and Juliet Schor
    5. Federal reserve behavior since 1980: a financial market perspective William Melton and V. Vance Roley
    6. The Federal Reserve and its institutional environment: a review Michael Munger and Brian Roberts
    7. The political economy of monetary policy Robert Hetzel
    8. Political monetary cycles Nathaniel Beck
    9. Congress and the Fed: Why the dog does not bark in the night Nathaniel Beck
    10. The Federal Reserve as a political power James Pierce
    11. Monetary policy and political economy: the Federal Reserve and the Bank of Japan Thomas Cargill and Michael Hutchinson
    12. A positive analysis of the policymaking process at the Federal Reserve Raymond Lombra and Nicholas Karamouzis
    13. A theory of FOMC dissent voting with evidence from the time series Thomas Havrilesky and Robert Schweitzer
    14. Explaining FOMC members' votes John Gildea
    15. Fed behaviour and X-efficiency theory: toward a general framework Harinder Singh and Roger Frantz
    16. Minimizing regret: cognitive dissonance as an explanation of FOMC behavior Thomas Mayer
    17. The discount window William Poole
    18. Leaning against the wind: the behavior of the money stock in recession and recovery, 1953–8 Elmus Wicker
    19. Bureaucratic self-interest as an obstacle to monetary reform Edward Kane
    Index.

  • Editor

    Thomas Mayer, University of California, Davis

    Contributors

    Thomas Mayer, Thomas Willett, Salwa Khouri, Gerald Epstein, Juliet Schor, William Melton, V. Vance Roley, Michael Munger, Brian Roberts, Robert Hetzel, Nathaniel Beck, James Pierce, Thomas Cargill, Michael Hutchinson, Raymond Lombra, Nicholas Karamouzis, Thomas Havrilesky, Robert Schweitzer, John Gildea, Harinder Singh, Roger Frantz, William Pool, Elmus Wicker, Edward Kane

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