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Monetary Policy And Political Economy
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Book Synopsis The Political Economy of Japanese Monetary Policy by : Thomas F. Cargill
Download or read book The Political Economy of Japanese Monetary Policy written by Thomas F. Cargill and published by MIT Press. This book was released on 2003-01-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributions in this book provide a unique view of its emergence and growth in a number of different national settings in an area of the Third World where the industry is most advanced. In The Political Economy of Japanese Monetary Policy, Cargill, Hutchison, and Ito investigate the formulation and execution of monetary and financial policies in Japan within a broad technical, political, and institutional context.Their emphasis is on the period since the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, and on the effects of policies and institutions in shaping the modern Japanese economy. The authors present basic themes and recent developments, as well as their own research findings.They also review and integrate the large literature in the area. They consider theoretical arguments and empirical evidence for each topic discussed. Topics covered include Japan's low inflation record (despite the central bank's lack of formal independence from the government); politically motivated business cycles and the timing of elections; exchange rate policy and international policy coordination; the historical development of central banking; Japan's "bubble economy" of the 1980s; and the causes, magnitude, and regulatory responses to Japan's banking and financial crisis of the 1990s.
Book Synopsis Currency Politics by : Jeffry A. Frieden
Download or read book Currency Politics written by Jeffry A. Frieden and published by Princeton University Press. This book was released on 2014-12-28 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Book Synopsis Political Business Cycles by : Thomas D. Willett
Download or read book Political Business Cycles written by Thomas D. Willett and published by Duke University Press. This book was released on 1988 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A Pacific Research Institute for Public Policy book." Includes bibliographies and index.
Book Synopsis Monetary Politics by : John Turner Woolley
Download or read book Monetary Politics written by John Turner Woolley and published by Cambridge University Press. This book was released on 1984 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book to describe and analyze the complex relationships between the Federal Reserve and the President, the Congress, bankers, and economists. Professor Woolley demonstrates that the Federal Reserve is very sensitive to a wide range of political influences.
Book Synopsis The Pressures on American Monetary Policy by : Thomas Havrilesky
Download or read book The Pressures on American Monetary Policy written by Thomas Havrilesky and published by Springer Science & Business Media. This book was released on 1995-04-30 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Political Economy of U.S. Monetary Policy by : Edwin Dickens
Download or read book The Political Economy of U.S. Monetary Policy written by Edwin Dickens and published by Routledge. This book was released on 2016-03-10 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream economists explain the Federal Reserve’s behavior over its one hundred years of existence as (usually failed) attempts to stabilize the economy on a non-inflationary growth path. The most important monetary event during those first one hundred years was the replacement of fixed exchange rates, based on a gold-exchange standard, with flexible exchange rates. In this book, Dickens explains how flexible exchange rates became necessary to accommodate the Federal Reserve’s relentless efforts to prevent progressive social change. It is argued that the Federal Reserve is an institutionalized alliance of the large New York banks and the large regional banks. When these two groups of banks are united, they constitute an unassailable force in the class conflict. However, when the large regional banks are at loggerheads with the large New York banks over the proper role of bank clearinghouses during the populist period, along with the proper role of the Eurodollar market during the social democratic period, there is an opening for progressive social reforms. This book builds upon Hyman Minsky’s financial instability hypothesis as well as the Marxian model constructed by Thomas Piketty. It follows Piketty’s historical method of deepening our understanding of the current Neoliberal Era (1980-2014) of global financial capitalism by comparing and contrasting it with the first era of global financial capitalism—the Gilded Age (1880-1914). In contrast with Piketty, however, this book incorporates monetary factors, including monetary policy, into the set of determinants of the long-run rate of economic growth. This book is suitable for those who study political economy, banking as well as macroeconomics.
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 Political Economy of American Monetary Policy by : Thomas Mayer
Download or read book Political Economy of American Monetary Policy written by Thomas Mayer and published by . This book was released on 1993 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy and Macroeconomic Stabilization by : Ole Roste
Download or read book Monetary Policy and Macroeconomic Stabilization written by Ole Roste and published by Routledge. This book was released on 2017-09-08 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important. Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>
Book Synopsis The Political Economy of American Monetary Policy by : Thomas Mayer
Download or read book The Political Economy of American Monetary Policy written by Thomas Mayer and published by Cambridge University Press. This book was released on 1990-09-28 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays examines the institutional framework in which monetary policy is made. The essays consider two questions: How free is the Fed to set monetary policy and to what extent do organizational problems affect the choice of that monetary policy? Topics covered include the Fed's response to movements on its goals, Congressional and presidential pressures on the Fed, the existence of political business cycles operating through monetary policy, and the extent to which monetary policy may be explained by the Fed's own interests. A final section examines the claim that the Federal Reserve follows countercyclical policy and evaluates its performance as a lender to banks both in normal times and as a lender of last resort.
Book Synopsis Central Bank Independence, Targets, and Credibility by : Francesco Lippi
Download or read book Central Bank Independence, Targets, and Credibility written by Francesco Lippi and published by Edward Elgar Publishing. This book was released on 1999-01-27 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence. The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided. This book will appeal to researchers, academics and policy makers in the fields of monetary policy, financial economics, money and banking and political economy.
Book Synopsis Economic Politics by : William R. Keech
Download or read book Economic Politics written by William R. Keech and published by Cambridge University Press. This book was released on 1995-02-24 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book raises and addresses questions about the consequences of democratic institutions for economic performance.
Book Synopsis The Political Economy of Monetary Reform by : Robert Z. Aliber
Download or read book The Political Economy of Monetary Reform written by Robert Z. Aliber and published by Springer. This book was released on 1977-06-17 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advanced Introduction to Central Banks and Monetary Policy by : de Haan, Jakob
Download or read book Advanced Introduction to Central Banks and Monetary Policy written by de Haan, Jakob and published by Edward Elgar Publishing. This book was released on 2022-08-12 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed.
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 International Dimensions of Monetary Policy by : Jordi Galí
Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Book Synopsis Interest Groups And Monetary Integration by : Carsten Hefeker
Download or read book Interest Groups And Monetary Integration written by Carsten Hefeker and published by Routledge. This book was released on 2018-05-04 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: The currency question, Disreali is reported to have said, has made even more persons mad than love. A quantitative test of the accuracy of this comparison is, in the present deplorable state of medical statistics, scarcely possible, But Disraeli may well have been right.
