The transformation of the Federal Reserve System reveals how gradual and incremental institutional changes can affect the strategies of political actors and policy outcomes. This finding challenges the dominant description of institutional change that has informed applied work on political institutions in both international relations and American politics. Conventional descriptions emphasize long periods of institutional stability punctuated by short periods of rapid change. Institutional change at the Fed is a gradual and continuous process. Incremental changes in monetary policy institutions (reserve requirements, open market rules, selective credit regulations) reveal the rich variety of strategic options for bureaucrats who desire autonomy from elected officials and the real effects of changing policy institutions on macroeconomic andcapital market outcomes.
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Book Description
Why is the Federal Reserve System so powerful and autonomous? The autonomy of the central bank in the United States is the joint product of strategic choices made by decision makers in the Fed and choices made by members of Congress. Fed decision makers update administrative procedure in ways that frustrate representative control of monetary policy. Members of Congress tolerate experimentation with procedures and rules because Fed independence creates an obstacle for presidents interested in controlling macroeconomic outcomes for electoral or partisan gain. Central bank autonomy is not a serious threat for members of Congress, as they independently develop a number of federal credit programs to counteract the consequences of monetary policy choices for particular sectors of the economy (notably, home construction and small business enterprise).
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First Sentence:
The Federal Reserve System, the nation's central bank, is directed by statute to maintain maximum employment, stable prices, and moderate long-term interest rates. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
central bank decision makers, monetary policy outcomes, universal reserve requirements, central bank compliance, nonmember financial institutions, direct selective controls, monetary policy choices, capital market outcomes, bureau decision makers, open market activity, federal credit institutions, monetary policy institutions, reserve requirement instrument, monetary policy oversight, permanent statutory authority, narrow money aggregate, federal credit programs, qualitative allocation, central bank autonomy, central bank discretion, differential reserve requirements, macroeconomic manipulation, open market activities, central bank activity, consumer installment credit Key Phrases - Capitalized Phrases (CAPs): (learn more)
Board of Governors, White House, Federal Reserve System, Reserve Bank, Ford Library, World War, United States, Federal Reserve Act, Truman Library, William Martin, Treasury Accord, Papers of Harry, Economic Report of the President, Henry Reuss, Lyndon Johnson, Secretary of the Treasury, Dwight Eisenhower, Kennedy Administration, Chairman Burns, Official Files, Papers of Leon Keyserling, President Truman, Bank of Canada, Confidential Files, Federal Home Loan Bank Board New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
The Federal Reserve System, the nation's central bank, is directed by statute to maintain maximum employment, stable prices, and moderate long-term interest rates. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
central bank decision makers, monetary policy outcomes, universal reserve requirements, central bank compliance, nonmember financial institutions, direct selective controls, monetary policy choices, capital market outcomes, bureau decision makers, open market activity, federal credit institutions, monetary policy institutions, reserve requirement instrument, monetary policy oversight, permanent statutory authority, narrow money aggregate, federal credit programs, qualitative allocation, central bank autonomy, central bank discretion, differential reserve requirements, macroeconomic manipulation, open market activities, central bank activity, consumer installment credit Key Phrases - Capitalized Phrases (CAPs): (learn more)
Board of Governors, White House, Federal Reserve System, Reserve Bank, Ford Library, World War, United States, Federal Reserve Act, Truman Library, William Martin, Treasury Accord, Papers of Harry, Economic Report of the President, Henry Reuss, Lyndon Johnson, Secretary of the Treasury, Dwight Eisenhower, Kennedy Administration, Chairman Burns, Official Files, Papers of Leon Keyserling, President Truman, Bank of Canada, Confidential Files, Federal Home Loan Bank Board New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 45
books:
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2
books
cite this book:
- Political Business Cycles: The Political Economy of Money, Inflation, and Unemployment (Duke Press Policy Studies) by Thomas D. Willett on 5 pages
- Political Business Cycles: The Political Economy of Money, Inflation, and Unemployment (Duke Press Policy Studies) by Thomas D. Willett on 4 pages
- The Political Economy of American Monetary Policy by Thomas Mayer in Back Matter (1), and Back Matter (2)
- The Federal Reserve System (Know Your Government) by Gary Taylor in Front Matter, and Back Matter
- Regulatory Reform by Peter W. House on page 42, and page 43
See all 45 books this book cites
- Evolution of United States Budgeting: Revised and Expanded Edition by Annette Meyer on page 86, and Back Matter
- Evolution of United States Budgeting: Revised and Expanded Edition by Annette Meyer on page 86, and Back Matter
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