Monetary Policy On The 75th Anniversary Of The Federal Reserve System

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Monetary Policy on the 75th Anniversary of the Federal Reserve System

Author : M.T. Belongia
Publisher : Springer Science & Business Media
ISBN 13 : 9401138885
Total Pages : 288 pages
Book Rating : 4.4/5 (11 download)

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Book Synopsis Monetary Policy on the 75th Anniversary of the Federal Reserve System by : M.T. Belongia

Download or read book Monetary Policy on the 75th Anniversary of the Federal Reserve System written by M.T. Belongia and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: When the 12 District Banks of the Federal Reserve System opened their doors for business on November 16, 1914, few observers could have foreseen the Fed's present role as a major, if not dominant, player in U. S. and world economic policymaking. After all, two previous attempts to create a central bank in this country had ended in failure. Moreover, much of the economic theory and institutional structure that have given rise to monetary policy's influence in recent years were not yet in place. Indeed, it would take the Fed more than 20 years to learn (by accident!) the power of open market operations. Clearly, the modern Federal Reserve System has found itself with powers and responsibilities that were not envisioned by its founders. These proceedings from a conference held at the Federal Reserve Bank of St. Louis on October 19-20, 1989, examine U. S. monetary policy from a variety of perspectives: a historical review of how it has affected aggregate economic performance; a positive analysis of why the Federal Reserve has chosen particular policy strategies; a review of normative arguments about what the Fed should pursue as its policy objective; a critique of how the Fed's "output"-the flow of monetary services in the U. S. economy-is measured; and, finally, a debate over the Fed's ability to influence real economic activity by changing the nominal quantity of money in circulation.

Monetary Policy Rules

Author : John B. Taylor
Publisher : University of Chicago Press
ISBN 13 : 0226791262
Total Pages : 460 pages
Book Rating : 4.2/5 (267 download)

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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.

Money and the Nation State

Author : Kevin Dowd
Publisher : Transaction Publishers
ISBN 13 : 9781412828956
Total Pages : 474 pages
Book Rating : 4.8/5 (289 download)

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Book Synopsis Money and the Nation State by : Kevin Dowd

Download or read book Money and the Nation State written by Kevin Dowd and published by Transaction Publishers. This book was released on with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finally, the authors outline the reforms necessary to create monetary, financial and banking systems free of the episodic inflation, devaluation, debt crises, and exchange rate volatility that have plagued the twentieth century.

Nominations of Sheila Bair, James B. Lockhart, III, Donald K. Kohn, and Kathleen L. Casey

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Nominations of Sheila Bair, James B. Lockhart, III, Donald K. Kohn, and Kathleen L. Casey by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs

Download or read book Nominations of Sheila Bair, James B. Lockhart, III, Donald K. Kohn, and Kathleen L. Casey written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2006 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Printed for the use of the Committee on Banking, Housing, and Urban Affairs."

The Future of Central Banking

Author : Forrest Capie
Publisher : Cambridge University Press
ISBN 13 : 9780521496346
Total Pages : 396 pages
Book Rating : 4.4/5 (963 download)

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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.

Nominations of

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher :
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Nominations of by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs

Download or read book Nominations of written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2003 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Establishing Monetary Stability In Emerging Market Economies

Author : Thomas D. Willett
Publisher : Routledge
ISBN 13 : 0429723636
Total Pages : 265 pages
Book Rating : 4.4/5 (297 download)

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Book Synopsis Establishing Monetary Stability In Emerging Market Economies by : Thomas D. Willett

Download or read book Establishing Monetary Stability In Emerging Market Economies written by Thomas D. Willett and published by Routledge. This book was released on 2019-03-07 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been fierce debate about the optimal sequencing of economic reforms in emerging market economies. Many economists argue that for market-oriented systems to operate effectively, a reasonable degree of monetary stability is necessary. Rampant inflation, a common challenge for emerging economies, greatly reduces the chances that market-oriented reforms will be successful. In this comprehensive volume, a group of policy-oriented economists from North America, Europe, and the former Soviet Union explore the causes of monetary instability in reforming economies and evaluate alternative institutional mechanisms designed to reduce inflationary pressures. Considering the latest theoretical and empirical research–as well as the experiences of former Communist countries, including Russia and the erstwhile Soviet republics–the contributors view inflation as a political issue and make a case for the creation of strong political institutions. They argue that although government actions that stimulate inflation tend to have low costs or even benefits in the sort run, they impose heavy costs on the economy in the longer term. Consequently, there is a strong need to develop institutional mechanisms to help ensure that decision makers place appropriate emphasis on the long-run consequences of policy actions.

Reflections on Allan H. Meltzer's Contributions to Monetary Economics and Public Policy

Author : David Beckworth
Publisher : Hoover Press
ISBN 13 : 0817923063
Total Pages : 173 pages
Book Rating : 4.8/5 (179 download)

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Book Synopsis Reflections on Allan H. Meltzer's Contributions to Monetary Economics and Public Policy by : David Beckworth

Download or read book Reflections on Allan H. Meltzer's Contributions to Monetary Economics and Public Policy written by David Beckworth and published by Hoover Press. This book was released on 2019-10-01 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: Allan H. Meltzer (1928–2017), a leading monetary economist of the twentieth century, is memorialized in eleven essays by prominent economists. Among his achievements, Meltzer transformed the field of central banking and dissected the economic disasters of the 1930s and late 2000s, as well as the avoidance of disaster in the 1970s. Focusing on his landmark A History of the Federal Reserve, 1913–1986, the first section argues that the Fed's biggest successes are tied to its adherence to classical monetary theory and also examines the monetarist counterrevolution. Next, the book turns to Meltzer's thinking on the monetary transmission mechanism and his close work with Karl Brunner on the Brunner-Meltzer Model; it argues that Meltzer's understanding of monetary economics could be used to measure the impact of the Fed's activities. Finally, Meltzer's contributions to public policy are examined, including his proposed reforms to the International Monetary Fund and his activities at the Carnegie Mellon Graduate School of Industrial Administration. The conference papers that compose this volume celebrate Meltzer's fifty-year career at Carnegie Mellon. The book ends with a transcribed interview, conducted just a few months before his death, in which he shares sharp-witted insights about economics and his legacy. Contributors: Michael Bordo, James Bullard, Joshua R. Hendrickson, Robert Hetzel, Peter N. Ireland, Robert Lucas, Edward Nelson, Gerald P. O'Driscoll Jr., Charles Plosser, George Selgin, and John Taylor.

American Economic Policy in the 1980s

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241734
Total Pages : 836 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis American Economic Policy in the 1980s by : Martin Feldstein

Download or read book American Economic Policy in the 1980s written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 836 pages. Available in PDF, EPUB and Kindle. Book excerpt: Destined to become the standard guide to the economic policy of the United States during the Reagan era, this book provides an authoritative record of the economic reforms of the 1980s. In his introduction, Martin Feldstein provides compelling analysis of policies with which he was closely involved as chairman of the Council of Economic Advisers during the Reagan administration: monetary and exchange rate policy, tax policy, and budget issues. Other leading economists and policymakers examine a variety of domestic and international issues, including monetary and exchange rate policy, regulation and antitrust, as well as trade, tax, and budget policies. The contributors to this volume are Alberto Alesina, Phillip Areeda, Elizabeth Bailey, William F. Baxter, C. Fred Bergsten, James Burnley, Geoffrey Carliner, Christopher DeMuth, Douglas W. Elmendorf, Thomas O. Enders, Martin Feldstein, Jeffrey A. Frankel, Don Fullerton, William M. Isaac, Paul L Joskow, Paul Krugman, Robert E. Litan, Russell B. Long, Michael Mussa, William A. Niskanen, Roger G. Noll, Lionel H. Olmer, Rudolph Penner, William Poole, James M. Poterba, Harry M. Reasoner, William R. Rhodes, J. David Richardson, Charles Schultze, Paula Stern, David Stockman, William Taylor, James Tobin, W. Kip Viscusi, Paul A. Volcker, Charles E. Walker, David A. Wise, and Richard G. Woodbury.

Aspects of Central Bank Policy Making

Author : Zvi Eckstein
Publisher : Springer Science & Business Media
ISBN 13 : 3642767745
Total Pages : 419 pages
Book Rating : 4.6/5 (427 download)

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Book Synopsis Aspects of Central Bank Policy Making by : Zvi Eckstein

Download or read book Aspects of Central Bank Policy Making written by Zvi Eckstein and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is a collection of papers which were presented and discussed at a conference on "Aspects of Central Bank Policy Making" which took place in January 1990 at the Bank of Israel and Tel Aviv University. The conference marked the tenth anniversary of the passing of David Horowitz who was the first governor of the Bank of Israel. The conference was sponsored by the Bank of Israel and the David Horowitz Institute for the Research of Developing Countries at Tel Aviv University. Eitan Berglas, Zvi Eckstein and Mordechai Fraenkel served as organizing committee. The volume has three parts. The first part deals with the rules and the constraints that are fundamental for central bank policy making. It starts with a critical review of 75 years of monetary policy of the U.S. Federal Reserve Bank, followed by several studies directed at the issues concerning the establishment of a European central bank. The second part deals with the insurance, regulation and safety of commercial banks. The last part contains analysis of monetary policies in Germany and Israel. Part of the research included in this volume is the result of a two years research project on "Central Bank Policies, Disinflation and the Macroeconomy" conducted at the David Horowitz Institute. The contributors to this project were: the Bundesbank, the Bank of England, the Bank of Italy, the Bank of Israel, the Bank for International Settlements and the Bank of the Netherlands.

International Bibliography of Economics

Author : British Library of Political and Economic Science
Publisher : Psychology Press
ISBN 13 : 9780415074612
Total Pages : 766 pages
Book Rating : 4.0/5 (746 download)

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Book Synopsis International Bibliography of Economics by : British Library of Political and Economic Science

Download or read book International Bibliography of Economics written by British Library of Political and Economic Science and published by Psychology Press. This book was released on 1993 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt: IBSS is the essential tool for librarians, university departments, research institutions and any public or private institution whose work requires access to up-to-date and comprehensive knowledge of the social sciences.

Modern Theories of Money

Author : Louis-Philippe Rochon
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781008416
Total Pages : 652 pages
Book Rating : 4.0/5 (84 download)

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Book Synopsis Modern Theories of Money by : Louis-Philippe Rochon

Download or read book Modern Theories of Money written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' - Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.

The Government of Money

Author : Peter A. Johnson
Publisher : Cornell University Press
ISBN 13 : 1501744534
Total Pages : 259 pages
Book Rating : 4.5/5 (17 download)

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Book Synopsis The Government of Money by : Peter A. Johnson

Download or read book The Government of Money written by Peter A. Johnson and published by Cornell University Press. This book was released on 2019-05-15 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years governments have increasingly given their central banks the freedom to pursue policies of price stability. In particular, the German Bundesbank and the U.S. Federal Reserve have been widely considered models of autonomous policymaking. This book traces the origins of their success to the political struggle to adopt monetarism in Germany and the United States. The Government of Money contends that the political involvement of monetarist economists was central to this endeavor. The book examines the initiatives undertaken by monetarists from 1970 to 1985 and the policies that resulted once their ideas were enacted. Taking a historical approach to major issues of political economy, Peter A. Johnson describes both the political efforts of the monetarist economists to convert central banks to their preferred policies and the resistance offered by traditionalist central bankers, politicians, and financial and labor interests. Johnson concludes that monetarist ideas succeeded in part because their supporters convincingly claimed that price stability would promote political stability. He thereby challenges important assumptions about politics and policymaking in both countries and reveals the often hidden influence of monetary policy on the health of capitalist democracies.

Divisia Monetary Aggregates

Author : M. Belongia
Publisher : Springer
ISBN 13 : 0230288235
Total Pages : 321 pages
Book Rating : 4.2/5 (32 download)

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Book Synopsis Divisia Monetary Aggregates by : M. Belongia

Download or read book Divisia Monetary Aggregates written by M. Belongia and published by Springer. This book was released on 2000-10-06 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The leading researchers from central banks and universities around the world debate issues central to the performance of Divisia monetary aggregates both in theory and in practice. The overall conclusion is that Divisia monetary aggregates outperform their simple sum counterparts in a wide range of applications the world over. The book is the first volume-length study of empirical data and theoretical research on the subject.

Getting it Wrong

Author : William A. Barnett
Publisher : MIT Press
ISBN 13 : 0262300567
Total Pages : 357 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Getting it Wrong by : William A. Barnett

Download or read book Getting it Wrong written by William A. Barnett and published by MIT Press. This book was released on 2011-12-16 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economist contends that the recent financial crisis was caused not by the failure of mainstream economics but by corrupted monetary data constructed without reference to economics. Blame for the recent financial crisis and subsequent recession has commonly been assigned to everyone from Wall Street firms to individual homeowners. It has been widely argued that the crisis and recession were caused by “greed” and the failure of mainstream economics. In Getting It Wrong, leading economist William Barnett argues instead that there was too little use of the relevant economics, especially from the literature on economic measurement. Barnett contends that as financial instruments became more complex, the simple-sum monetary aggregation formulas used by central banks, including the U.S. Federal Reserve, became obsolete. Instead, a major increase in public availability of best-practice data was needed. Households, firms, and governments, lacking the requisite information, incorrectly assessed systemic risk and significantly increased their leverage and risk-taking activities. Better financial data, Barnett argues, could have signaled the misperceptions and prevented the erroneous systemic-risk assessments. When extensive, best-practice information is not available from the central bank, increased regulation can constrain the adverse consequences of ill-informed decisions. Instead, there was deregulation. The result, Barnett argues, was a worst-case toxic mix: increasing complexity of financial instruments, inadequate and poor-quality data, and declining regulation. Following his accessible narrative of the deep causes of the crisis and the long history of private and public errors, Barnett provides technical appendixes, containing the mathematical analysis supporting his arguments.

Money in the Middle East and North Africa

Author : David Cobham
Publisher : Routledge
ISBN 13 : 1136864156
Total Pages : 296 pages
Book Rating : 4.1/5 (368 download)

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Book Synopsis Money in the Middle East and North Africa by : David Cobham

Download or read book Money in the Middle East and North Africa written by David Cobham and published by Routledge. This book was released on 2010-12-07 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policy in the Middle East and North African (MENA) countries remains an understudied area; this book fills an important gap by examining monetary policy frameworks and monetary policy strategies in the region. Building on the editors’ earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, which focused on central bank independence issues and on exchange rate regimes, this book emphasises monetary policy strategies. Part I contains an overview of the financial markets and institutions which condition the choice of monetary policy strategy in the countries of the region, followed by single-country studies on aspects of the monetary policy frameworks of Lebanon, Egypt, Jordan, the Palestinian Territory and Turkey. Part II includes analyses of the prospects for inflation targeting in Egypt, Morocco and Tunisia, of the monetary transmission mechanism in the Gulf Cooperation Council countries, of the relative advantages of inflation targeting and exchange rate fixity with reference to Egypt, of the problem of fiscal dominance in Egypt, and of the inflationary implications of exchange rate fixity for Saudi Arabia and Kuwait. The contributors are experts from universities inside and outside the MENA region, from central banks in the region and from outside institutions such as the European Central Bank and the International Monetary Fund.

Financial Innovation, Banking, and Monetary Aggregates

Author : A. W. Mullineux
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781959367
Total Pages : 232 pages
Book Rating : 4.9/5 (593 download)

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Book Synopsis Financial Innovation, Banking, and Monetary Aggregates by : A. W. Mullineux

Download or read book Financial Innovation, Banking, and Monetary Aggregates written by A. W. Mullineux and published by Edward Elgar Publishing. This book was released on 1996-01-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates. Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or 'moneyness', of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.