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  3. The Political Economy of American Monetary Policy
  • Cited by 28
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    • Publisher:
      Cambridge University Press
      Publication date:
      06 July 2010
      28 September 1990
      ISBN:
      9780511571947
      9780521446518
      DOI:
      https://doi.org/10.1017/CBO9780511571947
      Dimensions:
      Weight & Pages:
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.445kg, 326 Pages
      • Subjects:
      Economics, Economic Theory, Political Economy, Politics and International Relations
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    Subjects:
    Economics, Economic Theory, Political Economy, Politics and International Relations
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    Book description

    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 organisational 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 counter-cyclical policy and evaluates its performance as a lender to banks both in normal times and as a lender of last resort.

    Reviews

    "In summary, this volume presents a diverse and comprehensive set of hypotheses of Federal Reserve behavior that many readers will find interesting." Robert H. Rasche, Journal of Economic Literature

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