Deliberating American Monetary Policy
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| Author | : Cheryl Schonhardt-Bailey |
| Publisher | : MIT Press |
| Total Pages | : 537 |
| Release | : 2013-11 |
| Genre | : Business & Economics |
| ISBN | : 0262019574 |
American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been difficult to quantify. In this book, Cheryl Schonhardt-Bailey provides a systematic examination of deliberation on monetary policy from 1976 to 2008 by the Federal Reserve's Open Market Committee (FOMC) and House and Senate banking committees. Her innovative account employs automated textual analysis software to study the verbatim transcripts of FOMC meetings and congressional hearings; these empirical data are supplemented and supported by in-depth interviews with participants in these deliberations. The automated textual analysis measures the characteristic words, phrases, and arguments of committee members; the interviews offer a way to gauge the extent to which the empirical findings accord with the participants' personal experiences --
| Author | : Cheryl Schonhardt-Bailey |
| Publisher | : MIT Press |
| Total Pages | : 537 |
| Release | : 2013-11-01 |
| Genre | : Business & Economics |
| ISBN | : 0262314738 |
A systematic analysis of Federal Reserve and congressional deliberations on monetary policy, drawing on textual analysis software and in-depth interviews with participants. American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been difficult to quantify. In this book, Cheryl Schonhardt-Bailey provides a systematic examination of deliberation on monetary policy from 1976 to 2008 by the Federal Reserve's Open Market Committee (FOMC) and House and Senate banking committees. Her innovative account employs automated textual analysis software to study the verbatim transcripts of FOMC meetings and congressional hearings; these empirical data are supplemented and supported by in-depth interviews with participants in these deliberations. The automated textual analysis measures the characteristic words, phrases, and arguments of committee members; the interviews offer a way to gauge the extent to which the empirical findings accord with the participants' personal experiences. Analyzing why and under what conditions deliberation matters for monetary policy, the author identifies several strategies of persuasion used by FOMC members, including Paul Volcker's emphasis on policy credibility and efforts to influence economic expectations. Members of Congress, however, constrained by political considerations, show a relative passivity on the details of monetary policy.
| Author | : Cheryl Schonhardt-Bailey |
| Publisher | : Oxford University Press |
| Total Pages | : 289 |
| Release | : 2022-03-14 |
| Genre | : Political Science |
| ISBN | : 0192663720 |
In recent decades, we have seen an explosion in expectations for greater accountability of public policymaking. But, as accountability has increased, trust in governments and politicians has fallen. By focusing on the heart of public accountability—the reason-giving by policymakers for their policy decisions (i.e. deliberative accountability)—this work offers an empirical route for understanding why more accountability may not always deliver more public trust. The focus is on the British Parliament, where both the Treasury Select Committee and the House of Lords Economic Affairs Committee hold hearings on monetary policy, financial stability, and fiscal policy. The intent in these hearings is to challenge policymakers to explain their decisions, and thus the dialogue is expected to be deliberative. But how do we judge the quality of this deliberative accountability? Three metrics are explored and measured: respect, non-partisanship, and reciprocity. The approach is multi-method, including (1) quantitative text analysis to gauge the verbatim transcripts in committee hearings; (2) qualitative coding combined with an experimental design to gauge the role of nonverbal communication in the hearings; and (3) interviews with the MPs, peers, central bankers, and Treasury officials who participated in the hearings. The first method measures the content of 'what' was said, the second examines 'how' the words and arguments were expressed, and the third provides a more reflective 'why' component by asking participants to explain their motivations. This merging of the 'what', the 'how', and the 'why' offers a novel template for studying both accountability and deliberation.
| Author | : Michael Woodford |
| Publisher | : Princeton University Press |
| Total Pages | : 805 |
| Release | : 2011-12-12 |
| Genre | : Business & Economics |
| ISBN | : 1400830168 |
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.
| Author | : Pierre L. Siklos |
| Publisher | : Oxford University Press |
| Total Pages | : 345 |
| Release | : 2017 |
| Genre | : Business & Economics |
| ISBN | : 0190228830 |
Central banks play an important role in the course of national economies and the global economy. Their leaders are regularly feted or vilified, their policy pronouncements highly anticipated and routinely scrutinized. This is all the more so since the global financial crisis. The past fifteen years in monetary policy is essentially the story of two mistakes and one triumph, argues Pierre L. Siklos, a professor of economics at Wilfrid Laurier University. One mistake was that central bankers underestimated the connection between finance and the real economy. The other was a failure to realize how inter-connected the world's financial system had become. The triumph, in turn, was the recognition that price stability is a desirable objective. As a result of the financial crisis, central banks stepped into the breach to provide services other institutions were unwilling or unable to carry out. In doing so, the responsibilities for governing monetary policy and financial system stability became more elastic without due consideration for the appropriateness of the division of responsibilities. Central banks no longer influence just prices they also change financial system quantities. This leads to rising policy uncertainty. And low economic growth, an insufficiently unsubstantiated expansion of central bank responsibilities, and worries over future financial instability are sources of concern that contribute to a loss of confidence in the monetary authorities around the globe. Because no coherent new framework for central bank policy has since emerged, central banking is not broken, but it is in need of repair. Central Banks into the Breach provides an overarching analysis of the current and vulnerable state of central banks and offers potential solutions to stabilize the uncertain future of central banking.
| Author | : Taylor, Roger |
| Publisher | : Policy Press |
| Total Pages | : 376 |
| Release | : 2016-06-20 |
| Genre | : Political Science |
| ISBN | : 1447325389 |
Greater transparency is increasingly seen as the answer to a wide range of social issues by governments, NGOs and businesses around the world. However, evidence of its impact is mixed. Using case studies from around the world including India, Tanzania, the UK and US, Transparency and the open society surveys the adoption of transparency globally, providing an essential framework for assessing its likely performance as a policy and the steps that can be taken to make it more effective. It addresses the role of transparency in the context of growing use by governments and businesses of surveillance and database driven decision making. The book is written for anyone involved in the use of transparency whether campaigning from outside or working inside government or business to develop policies.
| Author | : James S. Fishkin |
| Publisher | : Oxford University Press |
| Total Pages | : 200 |
| Release | : 2018-06-27 |
| Genre | : Political Science |
| ISBN | : 0192551906 |
Democracy requires a connection to the 'will of the people'. What does that mean in a world of 'fake news', relentless advocacy, dialogue mostly among the like-minded, and massive spending to manipulate public opinion? What kind of opinion can the public have under such conditions? What would democracy be like if the people were really thinking in depth about the policies they must live with? If they really 'deliberated' with good information about their political choices? This book argues that 'deliberative democracy' is not utopian. It is a practical solution to many of democracy's ills. It can supplement existing institutions with practical reforms. It can apply at all levels of government and for many different kinds of policy choices. This volume speaks to a recurring dilemma: listen to the people and get the angry voices of populism or rely on widely distrusted elites and get policies that seem out of touch with the public's concerns. Instead, there are methods for getting a representative and thoughtful public voice that is really worth listening to. Democracy is under siege in most countries, where democratic institutions have low approval and face a resurgent threat from authoritarian regimes. Deliberative democracy can provide an antidote and can reinvigorate our democratic politics. Democracy When the People Are Thinking draws on the author's research with many collaborators on 'Deliberative Polling'-a process conducted in 27 countries on six continents. It contributes both to political theory and to the empirical study of public opinion and participation. It should interest anyone concerned about the future of democracy and how it can be revitalized.
| Author | : Saori N. Katada |
| Publisher | : Cornell University Press |
| Total Pages | : 264 |
| Release | : 2018-11-15 |
| Genre | : Political Science |
| ISBN | : 1501728180 |
Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped. With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics—an economic agenda to reflate the economy—and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network. The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis of the politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network.
| Author | : Denisa Kostovicova |
| Publisher | : Cornell University Press |
| Total Pages | : 318 |
| Release | : 2023-05-15 |
| Genre | : Political Science |
| ISBN | : 1501769057 |
Reconciliation by Stealth advances a novel approach to evaluating the effects of transitional justice in postconflict societies. Through her examination of the Balkan conflicts, Denisa Kostovicova asks what happens when former adversaries discuss legacies of violence and atrocity, and whether it is possible to do so without further deepening animosities. Reconciliation by Stealth shifts our attention from what people say about war crimes, to how they deliberate past wrongs. Bringing together theories of democratic deliberation and peacebuilding, Kostovicova demonstrates how people from opposing ethnic groups reconcile through reasoned, respectful, and empathetic deliberation about a difficult legacy. She finds that expression of ethnic difference plays a role in good-quality deliberation across ethnic lines, while revealed intraethnic divisions help deliberators expand moral horizons previously narrowed by conflict. In the process, people forge bonds of solidarity and offset divisive identity politics that bears upon their deliberations. Reconciliation by Stealth shows us the importance of theoretical and methodological innovation in capturing how transitional justice can promote reconciliation, and points to the untapped potential of deliberative problem-solving to repair relationships fractured by conflict. Thanks to generous funding from the London School of Economic and Political Science, the ebook editions of this book are available as Open Access volumes from Cornell Open (cornellpress.cornell.edu/cornell-open) and other repositories.
| Author | : Mitchel Y. Abolafia |
| Publisher | : Harvard University Press |
| Total Pages | : 225 |
| Release | : 2020-03-10 |
| Genre | : Business & Economics |
| ISBN | : 0674980786 |
A fast-paced, behind-closed-doors account of the Federal Reserve’s decision making during the 2008 financial crisis, showing how Fed policymakers overcame their own assumptions to contain the disaster. The financial crisis of 2008 led to the collapse of several major banks and thrust the US economy into the deepest recession since the Great Depression. The Federal Reserve was the agency most responsible for maintaining the nation’s economic stability. And the Fed’s Open Market Committee was a twelve-member body at the epicenter, making sense of the unfolding crisis and fashioning a response. This is the story of how they failed, learned, and staved off catastrophe. Drawing on verbatim transcripts of the committee’s closed-door meetings, Mitchel Abolafia puts readers in the room with the Federal Reserve’s senior policymaking group. Abolafia uncovers what the Fed’s policymakers knew before, during, and after the collapse. He explores how their biases and intellectual commitments both helped and hindered as they made sense of the emergency. In an original contribution to the sociology of finance, Stewards of the Market examines the social and cultural factors that shaped the Fed’s response, one marked by missed cues and analytic failures but also by successful improvisations and innovations. Ideas, traditions, and power all played their roles in the Fed’s handling of the crisis. In particular, Abolafia demonstrates that the Fed’s adherence to conflicting theories of self-correcting markets contributed to the committee’s doubts and decisions. A vivid portrait of the world’s most powerful central bank in a moment of high stakes, Stewards of the Market is rich with insights for the next financial downturn.
