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Deliberation And Monetary Policy
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Book Synopsis Deliberating American Monetary Policy by : Cheryl Schonhardt-Bailey
Download or read book Deliberating American Monetary Policy written by Cheryl Schonhardt-Bailey and published by MIT Press. This book was released on 2013-11 with total page 537 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 --
Book Synopsis Deliberation and Oversight in Monetary Policy, 1976-2008 by : Cheryl Schonhardt-Bailey
Download or read book Deliberation and Oversight in Monetary Policy, 1976-2008 written by Cheryl Schonhardt-Bailey and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of this paper is on the relationship of the Federal Reserve vis-à-vis Congress, starting in the mid-1970s -- the period of sustained high inflation -- and ending in early 2008, thereby capturing the early days of the financial crisis. As part of a larger book project, this paper provides a bird's eye view of the discourse in the House and Senate banking committees as they conducted oversight hearings on monetary policy from 1976 to 2008. We use automated textual analysis software to gauge (statistically and graphically) deliberation within these committee hearings, using the verbatim transcripts. We analyze in full (i.e., every word, every phrase) 61 hearings over the 33 year period in order to measure empirically the deliberative discourse by politicians and central bankers on US monetary policy over three decades. We examine (1) the themes that do (and do not) interest legislators when they question the Fed chairman; (2) how these themes have evolved over three decades; and (3) differences in focus between both the Fed chairman and legislators, and between Democrats and Republicans.
Book Synopsis Deliberation and Learning in Monetary Policy Committees by : Henry W. Chappell
Download or read book Deliberation and Learning in Monetary Policy Committees written by Henry W. Chappell and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use records from Federal Open Market Committee (FOMC) meetings to investigate the importance of deliberation and learning in monetary policy decision making in the period from 1970 to 1978 when Arthur Burns served as Chairman. We first propose a model of Bayesian learning in which FOMC members learn from each other as they sequentially reveal their policy preferences in a committee meeting. Then, as an alternative, we investigate a model in which members defer to an emerging consensus. Neither model is supported by the data, suggesting that within-meeting deliberation might have had little effect on the quality of monetary policy decisions in the Burns era.
Book Synopsis Monetary Policy Rules by : John B. Taylor
Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Book Synopsis Monetary Policy in Times of Crisis by : Massimo Rostagno
Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Book Synopsis Monetary Policy Strategies by : International Monetary Fund
Download or read book Monetary Policy Strategies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-10-04 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 The Information Value of Observing Monetary Policy Deliberations by : Benjamin M. Friedman
Download or read book The Information Value of Observing Monetary Policy Deliberations written by Benjamin M. Friedman and published by . This book was released on 1980 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Policy Shaping Politics by : Andrew John Bailey
Download or read book Policy Shaping Politics written by Andrew John Bailey and published by . This book was released on 2009 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of this paper is on the relationship of the Federal Reserve vis-agrave;-vis Congress, and in particular on the motivations of Members of Congress (MCs) as they oversaw the policy making decisions of the Fed from 1976 to 2008. We examine the evolution of congressional oversight of the Fed in order to better understand the thinking of MCs. Our approach is unusual in that it measures statistically the deliberations of Members of Congress in the House and Senate banking committees during the oversight hearings on monetary policy for eight periods (61 hearings) from 1976 to 2008. The reason for choosing this span of the history of US monetary policy is that it coincides with the Great Inflation of the 1970s, the radical action taken to cure that problem (initiated by the so-called Volcker Revolution of 1979), the subsequent period of stability and low inflation and ends with the early days of the current financial crisis. This was a period during which monetary policy also came to the forefront as the tool of macroeconomic stabilization. Some of our findings include: (1) MCs generally showed little interest in the detail of monetary policy making, seemingly willing to leave these details to the Fed; (2) MCs were actively engaged in challenging the Fed in the areas of governance, accountability and transparency; (3) the degree of challenge from Congress to the Fed appears to be negatively related to the success of the Fed in pursuing low inflation and stable economic growth; and (4) MCs of both parties failed to devote much attention to financial stability and bank regulation in the 1990s and early 21st century.
Book Synopsis Deliberation and Monetary Policy by : Cheryl Schonhardt-Bailey
Download or read book Deliberation and Monetary Policy written by Cheryl Schonhardt-Bailey and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The story of what happened to change the course of monetary policy in the US from one of “anguish” to the successful establishment of persistent low inflation by Paul Volcker and Alan Greenspan since 1979 has been extensively studied, but in our view still has gaps in terms of understanding why and how policy changed. We examine the twenty year history of US monetary policy between 1979 and 1999 in order better to understand the preferences of policy makers as they deliberate in committee on the monetary policy decision. We employ text analysis software to explore the verbatim transcripts of FOMC meetings for three key periods (nine years) between 1979 and 1999 (1979-1981; 1991-1993 and 1997-1999). Rather than imputing preferences from votes, we use the actual words, arguments and rationales espoused by policy makers as they deliberated on the monetary policy decision. Our primary methodological goal is to obtain a systematic and quantifiable account of the decision making process in the FOMC meetings as the US moved from a period of high inflation to sustained low inflation. Among our key findings is that we observe (1) a clear decline in the role of deliberation in FOMC meetings in the late 1990s and an increasing weight on studying the state of the economy; (2) a change in the emphasis on the strategy of monetary policy that appears to be consistent with the greater credibility of low inflation over time; and (3) changes in the relative roles for reserve bank presidents and board governors from the late 1970s to the late 1990s.
Book Synopsis Interest and Prices by : Michael Woodford
Download or read book Interest and Prices written by Michael Woodford and published by Princeton University Press. This book was released on 2011-12-12 with total page 805 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Democracy, Deliberation, and Education by : Robert Asen
Download or read book Democracy, Deliberation, and Education written by Robert Asen and published by Penn State Press. This book was released on 2015-08-13 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The local school board is one of America’s enduring venues of lay democracy at work. In Democracy, Deliberation, and Education, Robert Asen takes the pulse of this democratic exemplar through an in-depth study of three local school boards in Wisconsin. In so doing, Asen identifies the broader democratic ideal in the most parochial of American settings. Conducted over two years across racial, ethnic, and socioeconomic lines, Asen’s research reveals as much about the possibilities and pitfalls of local democracy as it does about educational policy. From issues as old as racial integration and as contemporary as the recognition of the Gay-Straight Alliance in high schools, Democracy, Deliberation, and Education illustrates how ordinary folks build and sustain their vision for a community and its future through consequential public decision making. For all the research on school boards conducted in recent years, no other project so directly addresses school boards as deliberative policymaking bodies. Democracy, Deliberation, and Education draws from 250 school-board meetings and 31 interviews with board members and administrators to offer insight into participants’ varied understandings of their roles in the complex mechanism of governance.
Book Synopsis Deliberative Democracy in America by : Ethan J. Leib
Download or read book Deliberative Democracy in America written by Ethan J. Leib and published by Penn State Press. This book was released on 2010-11-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are taught in civics class that the Constitution provides for three basic branches of government: executive, judicial, and legislative. While the President and Congress as elected by popular vote are representative, can they really reflect accurately the will and sentiment of the populace? Or do money and power dominate everyday politics to the detriment of true self-governance? Is there a way to put &"We the people&" back into government? Ethan Leib thinks there is and offers this blueprint for a fourth branch of government as a way of giving the people a voice of their own. While drawing on the rich theoretical literature about deliberative democracy, Leib concentrates on designing an institutional scheme for embedding deliberation in the practice of American democratic government. At the heart of his scheme is a process for the adjudication of issues of public policy by assemblies of randomly selected citizens convened to debate and vote on the issues, resulting in the enactment of laws subject both to judicial review and to possible veto by the executive and legislative branches. The &"popular&" branch would fulfill a purpose similar to the ballot initiative and referendum but avoid the shortcomings associated with those forms of direct democracy. Leib takes special pains to show how this new branch would be integrated with the already existing governmental and political institutions of our society, including administrative agencies and political parties, and would thus complement rather than supplant them.
Book Synopsis Handbook of Central Banking, Financial Regulation and Supervision by : S. Eijffinger
Download or read book Handbook of Central Banking, Financial Regulation and Supervision written by S. Eijffinger and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis Handbook is a must read for policy makers and practitioners alike as well as excellent reading for advanced academic courses in international banking.Õ Ð Allard Bruinshoofd, SUERF ÔThis collection of papers is essential reading for anyone interested in central banking, regulation and supervision. Sylvester Eijffinger and Donato Masciandaro have brought together contributions from the leading academics, central bankers and regulators, providing the most up-to-date analysis of this critical subject.Õ Ð Paul Mizen, University of Nottingham, UK This stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis. The crisis has raised new questions about the compatibility of monetary and financial stability, which are changing the face of central banking and its relationships with the architecture of financial regulation and supervision. The Handbook explores on both the economics and political economy of the topic, in order to understand how and why reforms of the role of the central banks can be designed and implemented. The general suggestion is that future effectiveness of the central banking architecture will depend on its ability to ensure the consistency between the monetary actions in normal and extraordinary times. Consequently the possible paths in the central bank strategies and tactics, as well as in the classic concepts of independence, accountability and transparency, are analyzed and discussed. With chapters written by outstanding scholars in economics, this lucid Handbook will appeal to academics, policymakers and practitioners, ranging from central bankers and supervisory authorities to financial operators. Among the academics it would be of particular interest to financial and monetary economists (including postgraduate students), but the institutional slant and the central theme of relations between economics, institutional settings and politics will also be invaluable for political scientists.
Book Synopsis The Oxford Handbook of Deliberative Democracy by : André Bächtiger
Download or read book The Oxford Handbook of Deliberative Democracy written by André Bächtiger and published by Oxford University Press. This book was released on 2018-08-23 with total page 1054 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deliberative democracy has been one of the main games in contemporary political theory for two decades, growing enormously in size and importance in political science and many other disciplines. The Oxford Handbook of Deliberative Democracy takes stock of deliberative democracy as a research field, in philosophy, in various research programmes in the social sciences and law, and in political practice around the globe. It provides a concise history of deliberative ideals in political thought and discusses their philosophical origins. The Handbook locates deliberation in political systems with different spaces, publics, and venues, including parliaments, courts, governance networks, protests, mini-publics, old and new media, and everyday talk. It engages with practical applications, mapping deliberation as a reform movement and as a device for conflict resolution, documenting the practice and study of deliberative democracy around the world and in global governance.
Book Synopsis Markets, Deliberation and Environment by : John O'Neill
Download or read book Markets, Deliberation and Environment written by John O'Neill and published by Routledge. This book was released on 2013-01-11 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the source of our environmental problems? Why is there in modern societies a persistent tendency to environmental damage? From within neoclassical economic theory there is a straightforward answer to those questions: it is because environmental goods and harms are unpriced. They come free. This position runs up against a view which runs in entirely the opposite direction, that our environmental problems have their source not in a failure to apply market norms rigorously enough, but in the very spread of these market mechanisms and norms. The source of environmental problems lies in part in the spread of markets both in real geographical terms across the globe and through the introduction of markets mechanisms and norms into spheres of life that previously have been protected from markets. In this book, John O’Neill conducts a thorough examination of these two opposing viewpoints covering a discussion of the ethical boundaries of markets, the role of private property rights in environmental protection, the nature of sustainability and the valuation of goods over time. This book is essential reading for undergraduate and postgraduate students studying courses in ecological and environmental economics.
Book Synopsis Committee Decisions on Monetary Policy by : Henry W. Chappell, Jr.
Download or read book Committee Decisions on Monetary Policy written by Henry W. Chappell, Jr. and published by MIT Press. This book was released on 2004-12-30 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices. To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s.
