Deliberating American Monetary Policy

Deliberating American Monetary Policy
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 --

Deliberative Accountability in Parliamentary Committees

Deliberative Accountability in Parliamentary Committees
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.

Legislative Oversight and Budgeting

Legislative Oversight and Budgeting
Author: Rick Stapenhurst
Publisher: World Bank Publications
Total Pages: 362
Release: 2008
Genre: Business & Economics
ISBN: 0821376128

In most countries, parliament has the constitutional mandate to both oversee and hold government to account. In light of the increased focus on good governance, academics and legislative strengthening practitioners are re-examining parliament's oversight function with a view to increasing public financial accountability, curbing corruption, and contributing to poverty reduction. This volume brings together research from many different perspectives and many different legislative settings worldwide. As the country case studies in section III demonstrate, the accountability mechanisms or oversight tools available to the legislature vary based on constitutionally defined powers of the legislature, institutional arrangements between the branches of government, divisions of authority between national, regional, and local governments, the degree of legitimacy conferred on the legislature, and the resources available to it. The budget process provides critical opportunities. Section II of this volume is devoted to examining budget oversight from the formulation and approval of the budget, to implementation and the ex post examination of the public accounts. Special attention is also paid to mechanisms to assist parliaments such as Public Accounts Committees and independent parliamentary budget offices. This title will be of interest to parliamentarians and parliamentary staff, legislative strengthening practitioners, and students of legislative development.

Monetary Policy Strategies

Monetary Policy Strategies
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 28
Release: 1988-10-04
Genre: Business & Economics
ISBN: 1451952570

The paper considers the merits of rules and discretion for monetary policy when the structure of the macroeconomic model and the probability distributions of disturbances are not well defined. It is argued that when it is costly to delay policy reactions to seldom-experienced shocks until formal algorithmic learning has been accomplished, and when time consistency problems are significant, a mixed strategy that combines a simple verifiable rule with discretion is attractive. The paper also discusses mechanisms for mitigating credibility problems and emphasizes that arguments against various types of simple rules lose their force under a mixed strategy.

Strengthening Forensic Science in the United States

Strengthening Forensic Science in the United States
Author: National Research Council
Publisher: National Academies Press
Total Pages: 348
Release: 2009-07-29
Genre: Law
ISBN: 0309142393

Scores of talented and dedicated people serve the forensic science community, performing vitally important work. However, they are often constrained by lack of adequate resources, sound policies, and national support. It is clear that change and advancements, both systematic and scientific, are needed in a number of forensic science disciplines to ensure the reliability of work, establish enforceable standards, and promote best practices with consistent application. Strengthening Forensic Science in the United States: A Path Forward provides a detailed plan for addressing these needs and suggests the creation of a new government entity, the National Institute of Forensic Science, to establish and enforce standards within the forensic science community. The benefits of improving and regulating the forensic science disciplines are clear: assisting law enforcement officials, enhancing homeland security, and reducing the risk of wrongful conviction and exoneration. Strengthening Forensic Science in the United States gives a full account of what is needed to advance the forensic science disciplines, including upgrading of systems and organizational structures, better training, widespread adoption of uniform and enforceable best practices, and mandatory certification and accreditation programs. While this book provides an essential call-to-action for congress and policy makers, it also serves as a vital tool for law enforcement agencies, criminal prosecutors and attorneys, and forensic science educators.

The Road Ahead for the Fed

The Road Ahead for the Fed
Author: John B. Taylor
Publisher: Hoover Press
Total Pages: 256
Release: 2009
Genre: Business & Economics
ISBN:

Expert contributors examine the recent actions of the Federal Reserve and suggest directions for the Fed going forward by drawing on past political, historical, and market principles. They explain how the Fed arrived at its current position, offer ideas on how to exit the situation, and propose new market-based reforms that can help keep the Fed on the road to good monetary policy in the future.

Achieving Sustainable Development and Promoting Development Cooperation

Achieving Sustainable Development and Promoting Development Cooperation
Author: Department of Economic & Social Affairs
Publisher: United Nations Publications
Total Pages: 295
Release: 2008
Genre: Business & Economics
ISBN: 9789211045871

This book presents an overview of the key debates that took place during the Economic and Social Council meetings at the 2007 High-level Segment, at which ECOSOC organized its first biennial Development Cooperation Forum. The discussions also revolved around the theme of the second Annual Ministerial Review, "Implementing the internationally agreed goals and commitments in regard to sustainable development."--P. 4 of cover.

Banking, Monetary Policy and the Political Economy of Financial Regulation

Banking, Monetary Policy and the Political Economy of Financial Regulation
Author: Gerald A. Epstein
Publisher: Edward Elgar Publishing
Total Pages: 391
Release: 2014-07-31
Genre: Business & Economics
ISBN: 1783472642

The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D�Arista, among others. Now, writing in the tradition of D�Arista's extensive work, the