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Author: Christopher Adolph
Publisher: Cambridge University Press
ISBN: 1139620533
Category : Political Science
Languages : en
Pages : 389
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Book Description
Most studies of the political economy of money focus on the laws protecting central banks from government interference; this book turns to the overlooked people who actually make monetary policy decisions. Using formal theory and statistical evidence from dozens of central banks across the developed and developing worlds, this book shows that monetary policy agents are not all the same. Molded by specific professional and sectoral backgrounds and driven by career concerns, central bankers with different career trajectories choose predictably different monetary policies. These differences undermine the widespread belief that central bank independence is a neutral solution for macroeconomic management. Instead, through careful selection and retention of central bankers, partisan governments can and do influence monetary policy - preserving a political trade-off between inflation and real economic performance even in an age of legally independent central banks.
Author: Christopher Adolph
Publisher: Cambridge University Press
ISBN: 1139620533
Category : Political Science
Languages : en
Pages : 389
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Book Description
Most studies of the political economy of money focus on the laws protecting central banks from government interference; this book turns to the overlooked people who actually make monetary policy decisions. Using formal theory and statistical evidence from dozens of central banks across the developed and developing worlds, this book shows that monetary policy agents are not all the same. Molded by specific professional and sectoral backgrounds and driven by career concerns, central bankers with different career trajectories choose predictably different monetary policies. These differences undermine the widespread belief that central bank independence is a neutral solution for macroeconomic management. Instead, through careful selection and retention of central bankers, partisan governments can and do influence monetary policy - preserving a political trade-off between inflation and real economic performance even in an age of legally independent central banks.
Author: Kelly H. Chang
Publisher: Cambridge University Press
ISBN: 9780521823333
Category : Juvenile Nonfiction
Languages : en
Pages : 86
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Book Description
This book examines monetary policy by focusing on how the President and the Senate influence monetary policy by appointing Fed members. The book attempts to answer three questions about the appointment process and its effects. First, do politicians influence monetary policy via Fed appointments? Second, who influences the process -- the President alone or both the President and the Senate? Third, what explains the structure of the Fed appointment process? The study extends the analysis of the Fed to the European Central bank.
Author: Paul Tucker
Publisher: Princeton University Press
ISBN: 0691196303
Category : Business & Economics
Languages : en
Pages : 662
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Book Description
Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.
Author: Gerald Epstein
Publisher: Edward Elgar Publishing
ISBN: 1788978412
Category : Business & Economics
Languages : en
Pages : 576
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Book Description
Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society.
Author: Kevin Corder
Publisher: Routledge
ISBN: 1135675228
Category : Business & Economics
Languages : en
Pages : 217
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Book Description
First Published in 1998. The Federal Reserve System, the nation's central bank, is directed by statute to maintain maximum employment, stable prices, and moderate long-term interest rates. This volume explores the Central Bank Autonomy, looking at preferences of central bankers, reserve requirements, open market transactions, credit control, macroeconomic outcomes, policies and capital market flows.
Author: Jean-Philippe Touffut
Publisher: Edward Elgar Publishing
ISBN: 1848445180
Category : Business & Economics
Languages : en
Pages : 233
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Book Description
Theories and practices in central banking and monetary policy have changed radically over recent decades with independence and inflation targeting as the new keywords. This book offers interesting perspectives on the drivers of this development and its implication. It addresses contemporary questions on accountability, transparency and objectives for monetary policy as well as current policy problems related to globalization and financial imbalances. The book is topical, insightful and well written a must for everybody with an interest in central banking and monetary policy. Torben M. Andersen, University of Aarhus, Denmark The number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What lies behind the spread of this economic institution? What underlying process has brought central banks to hold such a key role in economic life today? This book examines from a transatlantic perspective how the central bank has become the bank of banks. Thirteen distinguished economists and central bankers have been brought together to evaluate how central banks work, arrive at their policies, choose their instruments and gauge their success in managing economies, both in times of crisis and periods of growth. Central banks have gained greater independence from government control over the last 20 years. This widespread trend throws up new questions regarding the foundations, prerogatives and future of this economic institution. This book provides a better understanding of the current financial crisis through the in-depth study of the central bank. Researchers in the fields of monetary theory, monetary policy and central banking will find this volume of great interest. It will also appeal to students of economics, political economy, banking and finance, as well as economists, academics, and public policy advisers and analysts.
Author: Annelise Riles
Publisher: Cornell University Press
ISBN: 1501732730
Category : Political Science
Languages : en
Pages : 99
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Book Description
Government bailouts; negative interest rates and markets that do not behave as economic models tell us they should; new populist and nationalist movements that target central banks and central bankers as a source of popular malaise; new regional organizations and geopolitical alignments laying claim to authority over the global economy; households, consumers, and workers facing increasingly intolerable levels of inequality: These dramatic conditions seem to cry out for new ways of understanding the purposes, roles, and challenges of central banks and financial governance more generally. Financial Citizenship reveals that the conflicts about who gets to decide how central banks do all these things, and about whether central banks are acting in everyone’s interest when they do them, are in large part the product of a culture clash between experts and the various global publics that have a stake in what central banks do. Experts—central bankers, regulators, market insiders, and their academic supporters—are a special community, a cultural group apart from many of the communities that make up the public at large. When the gulf between the culture of those who govern and the cultures of the governed becomes unmanageable, the result is a legitimacy crisis. This book is a call to action for all of us—experts and publics alike—to address this legitimacy crisis head on, for our economies and our democracies.
Author: Rodney Bruce Hall
Publisher: Cambridge University Press
ISBN: 0521898617
Category : Business & Economics
Languages : en
Pages : 278
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Book Description
An original analysis of central banking as global governance, developing the social relations of money, credit, and debt.
Author: Vallet, Guillaume
Publisher: Edward Elgar Publishing
ISBN: 180037223X
Category : Business & Economics
Languages : en
Pages : 243
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Book Description
Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and social responsibility as central banks wake up to new realities
Author: Philip Keefer
Publisher: World Bank Publications
ISBN:
Category : Banca central
Languages : en
Pages : 54
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Book Description
Does delegation of policymaking authority to independent agencies improve policy outcomes? This paper reports new theory and tests related to delegation of monetary policy to an independent central bank. The authors find that delegation reduces inflation only under specific institutional and political conditions.