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Appointing Central Bankers
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Book Synopsis Appointing Central Bankers by : Kelly H. Chang
Download or read book Appointing Central Bankers written by Kelly H. Chang and published by Cambridge University Press. This book was released on 2003-08-18 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Bankers, Bureaucrats, and Central Bank Politics by : Christopher Adolph
Download or read book Bankers, Bureaucrats, and Central Bank Politics written by Christopher Adolph and published by Cambridge University Press. This book was released on 2013-04-15 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adolph illustrates the policy differences between central banks run by former bankers relative to those run by bureaucrats.
Book Synopsis The Future of Central Banking by : Forrest Capie
Download or read book The Future of Central Banking written by Forrest Capie and published by Cambridge University Press. This book was released on 1994 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Crafting Consensus by : Nicole Baerg
Download or read book Crafting Consensus written by Nicole Baerg and published by Oxford University Press, USA. This book was released on 2020-08-12 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Political Economy of Central Banking by : Gerald Epstein
Download or read book The Political Economy of Central Banking written by Gerald Epstein and published by Edward Elgar Publishing. This book was released on 2019 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Bankers, Bureaucrats, and Central Bank Politics by : Christopher Adolph
Download or read book Bankers, Bureaucrats, and Central Bank Politics written by Christopher Adolph and published by Cambridge University Press. This book was released on 2013-04-15 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Central Bank Independence by : Jan Kleineman
Download or read book Central Bank Independence written by Jan Kleineman and published by BRILL. This book was released on 2021-10-18 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Central Bank Independence by : International Monetary Fund
Download or read book Central Bank Independence written by International Monetary Fund and published by International Monetary Fund. This book was released on 1991-06-01 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.
Book Synopsis Central Bankers, Bureaucratic Incentives, and Monetary Policy by : E. Froedge Toma
Download or read book Central Bankers, Bureaucratic Incentives, and Monetary Policy written by E. Froedge Toma and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Power and Independence of the Federal Reserve by : Peter Conti-Brown
Download or read book The Power and Independence of the Federal Reserve written by Peter Conti-Brown and published by Princeton University Press. This book was released on 2017-10-10 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the history, leadership, and structure of the Federal Reserve Bank The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does—and does not—define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals—within and outside of government—shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed—including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation—requires a reevaluation of the very way the nation's central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a uniquely clear and timely picture of one of the most important institutions in the United States and the world.
Book Synopsis The Quiet Revolution by : Alan S. Blinder
Download or read book The Quiet Revolution written by Alan S. Blinder and published by Yale University Press. This book was released on 2008-10-01 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although little noticed, the face of central banking has changed significantly over the past ten to fifteen years, says the author of this enlightening book. Alan S. Blinder, a former vice chairman of the Federal Reserve System and member of President Clinton’s Council of Economic Advisers, shows that the changes, though quiet, have been sufficiently profound to constitute a revolution in central banking. Blinder considers three of the most significant aspects of the revolution. The first is the shift toward transparency: whereas central bankers once believed in secrecy and even mystery, greater openness is now considered a virtue. The second is the transition from monetary policy decisions made by single individuals to decisions made by committees. The third change is a profoundly different attitude toward the markets, from that of stern schoolmarm to one of listener. With keenness and balance, the author examines the origins of these changes and their pros and cons.
Book Synopsis How Do Central Banks Talk? by : Alan S. Blinder
Download or read book How Do Central Banks Talk? written by Alan S. Blinder and published by Centre for Economic Policy Research. This book was released on 2001 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.
Book Synopsis Central Banks and Monetary Policies by : Felix Lessambo
Download or read book Central Banks and Monetary Policies written by Felix Lessambo and published by Ethics International Press. This book was released on 2024-05-14 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a uniquely comprehensive and detailed analysis of central banks within the G-20. It discusses their policies and functions in detail. Central banks use monetary policy to manage economic fluctuations and achieve price stability. Monetary policy is the control of the quantity of money available in an economy and the channels by which new money is supplied. Monetary policy is implemented either (i) through interest rate policy, whereby the central bank influences financial conditions by setting, or closely controlling, a short-term rate and by steering expectations about the interest rate forward, or (ii) through balance sheet policy, whereby the central bank influences financial conditions beyond the short-term rate by adjusting its balance sheet. Inflation targeting has emerged as the leading framework for monetary policy. Since the 1990s, the role of the interest rate has increased, and many countries are using inflation targeting to achieve the aims of their monetary policy. Central banks around the globe, and within the G-20, have introduced explicit inflation targets. Though a central bank cannot directly control inflation, or the factors that determine inflation, it does have the tools needed to directly affect a group of nominal variables, that in turn have an impact on the determinants of inflation. Moreover, most major central banks have adopted unconventional monetary policies to stabilize financial conditions, boost economic activity, and maintain price stability. Last but not least, financial and monetary policies have become increasingly international, involving trade-offs between domestic and foreign interests. The response to cross-border financial crises requires the close cooperation of multiple jurisdictions. The book is a key reference text for researchers, teachers and students in banking, economic policy, and government worldwide.
Book Synopsis Measuring Central Bank Independence and Its Effect on Policy Outcomes by : Alex Cukierman
Download or read book Measuring Central Bank Independence and Its Effect on Policy Outcomes written by Alex Cukierman and published by . This book was released on 1994 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Institutions and Monetary Policy by : Eric Schaling
Download or read book Institutions and Monetary Policy written by Eric Schaling and published by Edward Elgar Publishing. This book was released on 1995 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues by : Wouter Bossu
Download or read book The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues written by Wouter Bossu and published by International Monetary Fund. This book was released on 2019-12-27 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper focuses on the Board oversight of central banks—a central feature of sound governance. This form of oversight is the decision-making responsibility through which an internal body of the central bank—the Oversight Board—ensures that the central bank is well-managed. First, the paper will contextualize the role of Board oversight into the broader legal structure for central bank governance by considering this form of oversight as one of the core decision-making responsibilities of central banks. Secondly, the paper will focus on a number of important legal design issues for Board Oversight, by contrasting the current practices of the IMF membership’s 174 central banks with staff’s advisory practice developed over the past 50 years.
