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The Pressures on American Monetary Policy

Thomas Havrilesky

Published by Springer
ISBN 10: 9401042853 / ISBN 13: 9789401042857
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Title: The Pressures on American Monetary Policy

Publisher: Springer

Binding: Paperback

Book Condition: New

Book Type: Paperback

Description:

Paperback. 381 pages. Dimensions: 9.2in. x 6.1in. x 0.9in.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. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Bookseller Inventory # 9789401042857

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Synopsis: 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.

Product Description: This book provides pathbreaking statistical evidence on when the Administration tried to influence monetary policy and when the Federal Reserve did and did not respond. This revised edition provides the first statistical evidence on why the Federal Reserve behaved the way it did.
Included in the book is the SAFER data series (Signalling from the Administration to the Federal Reserve) for the entire 1992--1994 period. Expanded data sets on the effect of Congressional and private pressures on monetary policy will be of interest to market participants and scholars who would use these sources to predict movements in short-term interest rates. This new edition includes recent evidence on the causes and effects of Presidential appointments to the Federal Reserve helping to predict the monetary policy voting behavior of prospective Federal Reserve Board appointees. The book closes by developing an innovative plan to restructure the Federal Reserve that would be mutually acceptable to politicians and central bankers, while simultaneously improving inflation performance.

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