The Political Economy of U S Monetary Policy

The Political Economy of U  S  Monetary Policy

In book explains how flexible exchange rates became necessary to accommodate the Federal Reserve's relentless efforts to prevent progressive social change.

Author: Edwin Dickens

Publisher: Routledge

ISBN: 1138495468

Category:

Page: 178

View: 835

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.
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Political Business Cycles

Political Business Cycles

Literature references in notes, no formal bibliography. Duke reports an (unseen) edition in cloth (0-8223-0824-X) at $62.50. Annotation copyrighted by Book News, Inc., Portland, OR

Author: Thomas D. Willett

Publisher: Durham [N.C.] : Duke University Press

ISBN: STANFORD:36105038456724

Category: Business & Economics

Page: 521

View: 618

Political business cycles create artificial economic booms just prior to elections; these papers examine the issue of whether federal governmental structure inevitably leaves the US economy exposed to unhealthy political influences. Literature references in notes, no formal bibliography. Duke reports an (unseen) edition in cloth (0-8223-0824-X) at $62.50. Annotation copyrighted by Book News, Inc., Portland, OR
Categories: Business & Economics

The Handbook of the Political Economy of Financial Crises

The Handbook of the Political Economy of Financial Crises

The Handbook of The Political Economy of Financial Crises describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises - with an emphasis on the crisis of 2007- 2008 - ...

Author: Martin H. Wolfson

Publisher: Oxford University Press

ISBN: 9780199344116

Category: Business & Economics

Page: 784

View: 772

The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies that lack powerful and dynamically changing financial regulations that can keep the powerful forces of leverage and credit within sustainable bounds. Economists from Marx to Keynes, and Minsky to Kindleberger have well understood this profoundly important fact, yet the dominant mainstream economics of "rational expectations", "efficient markets" and "laissez-faire" that rationalized widespread financial liberalization and still dominates the economics profession has gotten it, literally, "dead wrong". The Handbook of The Political Economy of Financial Crises describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises - with an emphasis on the crisis of 2007- 2008 - and the strengths and weaknesses of varying theoretical perspectives and policy approaches that have tried to comprehend and limit these financial tsunamis.
Categories: Business & Economics

The Pressures on American Monetary Policy

The Pressures on American Monetary Policy

The basic motivation underlying this book is the relationship between political processes and macroeconomic consequences, especially in the area of monetary policy.

Author: Thomas Havrilesky

Publisher: Springer

ISBN: STANFORD:36105002243975

Category: Business & Economics

Page: 372

View: 414

The basic motivation underlying this book is the relationship between political processes and macroeconomic consequences, especially in the area of monetary policy. Monetary policy is an area where political considerations regularly impact upon economic results. In the politically and economically turbulent period from the late 1960s through the early 1980s, it became clear that the directions taken by monetary policy were changing with some frequency. By the late 1970s it became obvious that monetary policy's reactions to the state of the economy shifted in a rather irregular pattern. Moreover, it was equally apparent that since 1970 many of the impulses for these shifts appeared to come from the executive branch of government. In the mid 1980s evidence demonstrated realistically how monetary policy is related to political phenomena. The author has spent the last thirty years investigating and measuring the political and private sector pressures on monetary policy and showing how the monetary authority assimilates and responds to these pressures. This book is the first and most comprehensive study of outside, political and private, influences on Federal Reserve policy.
Categories: Business & Economics

The Government of Money

The Government of Money

This book traces the origins of their success to the political struggle to adopt monetarism in Germany and the United States.

Author: Peter A. Johnson

Publisher: Cornell University Press

ISBN: 9781501744532

Category: Political Science

Page: 256

View: 611

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.
Categories: Political Science

International Monetary Cooperation Among the United States Japan and Germany

International Monetary Cooperation Among the United States  Japan  and Germany

For the first time, this book presents all theories of counterproductive cooperation in one place, subjects them to systematic, empirical scrutiny in the light of the experience of G-3 (U.S., Germany, and Japanese) cooperation since the ...

Author: Keisuke Iida

Publisher: Springer Science & Business Media

ISBN: 9781461551430

Category: Business & Economics

Page: 110

View: 468

International Monetary Cooperation among the United States, Japan, and Germany offers a first - and overdue - book- length study of counterproductive cooperation. It takes to task the critical importance of conducting systematic theory-guided empirical research to examine the validity of arguments that international monetary cooperation could be highly counterproductive. This book combines various methods - formal, quantitative, and qualitative - to study the theories of counterproductive monetary cooperation by focusing on the cooperative episodes among the major industrial countries - the United States, Japan, and Germany. For the first time, this book presents all theories of counterproductive cooperation in one place, subjects them to systematic, empirical scrutiny in the light of the experience of G-3 (U.S., Germany, and Japanese) cooperation since the 1970s, and suggests policy recommendations in the light of the findings.
Categories: Business & Economics

Financial Stability Policy in the Euro Zone

Financial Stability Policy in the Euro Zone

Applying game-theoretical rigor to political economy interactions, Gundbert Scherf develops a model of time-inconsistent supervisory policy as well as international competition in regulatory standards.

Author: Gundbert Scherf

Publisher: Springer Gabler

ISBN: 3658009829

Category: Business & Economics

Page: 256

View: 392

​Due to the lack of political salience that financial stability policy enjoys in tranquil economic times, this policy field lends itself particularly well to capture – the more so the more important the role of banks is in the financial system. Gundbert Scherf’s research focuses on this nexus between integrated banking, supranational monetary policy and national banking regulation. He finds that national level differences in financial systems and related institutions explain and drive variation in regulatory financial stability policy across countries.
Categories: Business & Economics

The Political Economy of U S Monetary Policy

The Political Economy of U S  Monetary Policy

9:1–23; “U.S. Monetary Policy in the 1950s: A Radical Political Economic Approach,” Review of Radical Political Economics, 1995, Vol. 27, No. 4: 83–111; “The Great Inflation and U.S. Monetary Policy in the Late 1960s: A Political ...

Author: Edwin Dickens

Publisher: Routledge

ISBN: 9781317438311

Category: Business & Economics

Page: 178

View: 687

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.
Categories: Business & Economics

The Political Economy of Macroeconomic Policy Reform in Latin America

The Political Economy of Macroeconomic Policy Reform in Latin America

This work blends together the interdependent issues of macroeconomic performance and volatility, equity and distributive justice, fiscal deficits and the redistributive effectiveness of social public expenditures, and the demand for the ...

Author: Eduardo Wiesner Durán

Publisher: Edward Elgar Publishing

ISBN: UCSD:31822034684431

Category: Business & Economics

Page: 278

View: 184

This work blends together the interdependent issues of macroeconomic performance and volatility, equity and distributive justice, fiscal deficits and the redistributive effectiveness of social public expenditures, and the demand for the 'right' institutions and for policy reform in Latin America.
Categories: Business & Economics

Markets and Majorities

Markets and Majorities

In Markets and Majorities, Steven Sheffrin addresses essential yet overlooked questions about political intervention in economic spheres. Why should we trust the government to clean our air? How do we know what to define as clean?

Author: Steven M. Sheffrin

Publisher:

ISBN: STANFORD:36105004099961

Category: Business & Economics

Page: 285

View: 436

America's government intervenes in almost every aspect of its citizens' daily lives. From the air we breathe, to our health, wealth, and security, Americans wade through a vast political ocean. Unfortunately, we do so blindly; few Americans understand how or why our government regulates the market mechanisms that surround us. In Markets and Majorities, Steven Sheffrin addresses essential yet overlooked questions about political intervention in economic spheres. Why should we trust the government to clean our air? How do we know what to define as clean? What kind of health insurance business will the government run? What are the dangers of publicly financed doctors? Sheffrin first explains traditional theories of market failure, used to justify intervention. He then combines the crucial question of political viability with the fascinating particulars of policy histories. Sheffrin applies such analysis to the areas of health care, social security, environmental policy, product liability, trade policy, and fiscal and budgetary policy. He argues that beneath each area lies a unique calculus of market failure and political pressures, and convincingly demonstrates that no single policy can be understood out of economic and political context. In short, the fact that markets may fail does not guarantee that politics will succeed. By examining both sides of each policy area, Sheffrin's careful review of our national policy-making reveals a minefield where, in many cases, politics cannot help but fail as badly as markets. However, he shows that all is not lost, citing, among other examples, political intervention in the medical industry as the only hope of stopping hospitals from competitive purchases of useless technology. Markets and Majorities is must reading for anyone who has ever wondered why government just can't seem to get things done, as well as anyone who has asked why it should try in the first place.
Categories: Business & Economics