Appointing Central Bankers
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Author | : Kelly H. Chang |
Publisher | : Cambridge University Press |
Total Pages | : 179 |
Release | : 2003-08-18 |
Genre | : Political Science |
ISBN | : 1139440543 |
This book examines monetary policy by focusing on how the President and the Senate influence monetary policy by appointing Federal Reserve members. It attempts to answer three questions about the appointment process and its effects. First, do politicians influence monetary policy through Federal Reserve appointments? Second, who influences the process - the President alone or both the President and the Senate? Third, what explains the structure of the Federal Reserve appointment process? The test models show that the President alone, both the President and Senate, or neither, may influence monetary policy with Federal Reserve appointments. The structure of the process reflects political battles between the Democrats and Republicans regarding the centralization of authority to set monetary policy within the Federal Reserve System. The study extends the analysis to the European Central Bank and shows that the Federal Reserve process is more representative of society than the European Central Bank process.
Author | : Christopher Adolph |
Publisher | : Cambridge University Press |
Total Pages | : 389 |
Release | : 2013-04-15 |
Genre | : Business & Economics |
ISBN | : 110703261X |
Adolph illustrates the policy differences between central banks run by former bankers relative to those run by bureaucrats.
Author | : Board of Governors of the Federal Reserve System |
Publisher | : |
Total Pages | : 0 |
Release | : 2002 |
Genre | : Banks and Banking |
ISBN | : 9780894991967 |
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author | : Forrest Capie |
Publisher | : Cambridge University Press |
Total Pages | : 396 |
Release | : 1994 |
Genre | : Business & Economics |
ISBN | : 9780521496346 |
This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. It traces the development of both the monetary and financial stability concerns of central banks, and includes individual sections on the evolution and constitutional positions of 31 central banks from around the world. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers: the extent to which there is a short-term trade-off between inflation and growth; the choice of inflation targets; and the choice of operating procedures. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.
Author | : Jan Kleineman |
Publisher | : BRILL |
Total Pages | : 238 |
Release | : 2021-10-18 |
Genre | : Law |
ISBN | : 9004481303 |
In December 1999, prior to the forming of a Stockholm Centre for Commercial Law, an international symposium entitled Central Bank Independence was held at the Department of Law at Stockholm University in co-operation with the Swedish Central Bank (The Riksbank) and Queen Mary and Westfield College, London University. The participants were principally political, economic and legal specialists in the field, all with considerable international experience. This led to the topic being examined in detail from many different perspectives. This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored.
Author | : Nicole Baerg |
Publisher | : Oxford University Press, USA |
Total Pages | : 218 |
Release | : 2020-08-12 |
Genre | : Business & Economics |
ISBN | : 0190499486 |
In a world dependent on the constant sharing of information, central bankers increasingly communicate their policies to the mass public. Central bank communications are drafted in monetary policy committee meetings composed of policymakers with differing interests. Despite their differences, committee members must come together, write, and agree to an official policy statement. Once released to the public, central bank communications then affect citizens' actions and ultimately, the economy. But how exactly does this work? In Crafting Consensus, Nicole Baerg explains how the transparency of central bank communication depends on the configuration of committee members' preferences. Baerg argues that monetary policy committees composed of members with differing preferences over inflation are better suited to communicating precise information with the public. These diverse committees produce central bank statements of higher quality and less uncertainty than those from more homogeneous committees. Additionally, she argues that higher quality statements more effectively shape individuals' inflation expectations and move the economy in ways that policymakers intend. Baerg demonstrates that central bankers are not impartial technocrats and that their preferences and the institutional rules where they work matter for understanding the politics of monetary policy and variations in economic performance over time. Conducting empirical analysis from historical archival data, textual analysis, machine-learning, survey experiments, and cross-sectional time-series data, Crafting Consensus offers a new theory of committee decision making and a battery of empirical tests to provide a rich understanding of modern-day central banking.
Author | : E. Froedge Toma |
Publisher | : Springer Science & Business Media |
Total Pages | : 256 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 9400944322 |
By now it has become obvious that Federal Reserve actions have an immense impact on the functioning of our economy. As a result, a great deal of research has been done on the Fed and on monetary policy. Much of this work is normative; it tells us what the Fed should do. Positive work on the Fed has usually tried to elucidate particular Fed policies, and has not tried to present a theory of why the Fed behaves the way it does. The dominant theory of Fed behavior is that the Fed does what it believes to be best for the public welfare. This theory - usually left implicit - is so simple, and seemingly so obviously correct, that it has received widespread credence without extended discussion or tests. When thinking about govern ment in general many observers doubt that it nearly always acts in the public interest. However, they ascribe this unfortunate state of affairs mainly to political pressures. Since the Fed is relatively removed from such pressures, the public interest theory of government seems more applicable to it.
Author | : de Haan, Jakob |
Publisher | : Edward Elgar Publishing |
Total Pages | : 125 |
Release | : 2022-08-12 |
Genre | : Business & Economics |
ISBN | : 1839104872 |
Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed.
Author | : Paul Tucker |
Publisher | : Princeton University Press |
Total Pages | : 662 |
Release | : 2019-09-10 |
Genre | : Business & Economics |
ISBN | : 0691196303 |
Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.
Author | : Eric Schaling |
Publisher | : Edward Elgar Publishing |
Total Pages | : 288 |
Release | : 1995 |
Genre | : Business & Economics |
ISBN | : |
Central bank independence is a key issue for political and monetary authorities in many countries. In this text, the author looks at the impact of different central banks on price stability and macroeconomic performance, and their optimal degree of legislative independence.