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Author: Christopher Adolph
Publisher: Cambridge University Press
Published: 2013-04-15
Total Pages: 389
ISBN-13: 110703261X
DOWNLOAD EBOOKAdolph illustrates the policy differences between central banks run by former bankers relative to those run by bureaucrats.
Author: E. Froedge Toma
Publisher: Springer Science & Business Media
Published: 2012-12-06
Total Pages: 256
ISBN-13: 9400944322
DOWNLOAD EBOOKBy now it has become obvious that Federal Reserve actions have an immense impact on the functioning of our economy. As a result, a great deal of research has been done on the Fed and on monetary policy. Much of this work is normative; it tells us what the Fed should do. Positive work on the Fed has usually tried to elucidate particular Fed policies, and has not tried to present a theory of why the Fed behaves the way it does. The dominant theory of Fed behavior is that the Fed does what it believes to be best for the public welfare. This theory - usually left implicit - is so simple, and seemingly so obviously correct, that it has received widespread credence without extended discussion or tests. When thinking about govern ment in general many observers doubt that it nearly always acts in the public interest. However, they ascribe this unfortunate state of affairs mainly to political pressures. Since the Fed is relatively removed from such pressures, the public interest theory of government seems more applicable to it.
Author: Alan S. Blinder
Publisher: Centre for Economic Policy Research
Published: 2001
Total Pages: 150
ISBN-13: 9781898128601
DOWNLOAD EBOOKNot long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.
Author: Richard Werner
Publisher: Routledge
Published: 2015-03-04
Total Pages: 384
ISBN-13: 131746219X
DOWNLOAD EBOOKThis eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.
Author: Kevin Corder
Publisher: Routledge
Published: 2014-04-08
Total Pages: 216
ISBN-13: 1135675295
DOWNLOAD EBOOKFirst Published in 1998. 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. This volume explores the Central Bank Autonomy, looking at preferences of central bankers, reserve requirements, open market transactions, credit control, macroeconomic outcomes, policies and capital market flows.
Author: Peter J. Boettke
Publisher: Cambridge University Press
Published: 2021-06-03
Total Pages: 213
ISBN-13: 110884619X
DOWNLOAD EBOOKContemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.
Author: C. Randall Henning
Publisher: Peterson Institute
Published: 1994
Total Pages: 434
ISBN-13: 9780881321272
DOWNLOAD EBOOKCurrencies and Politics is the first comprehensive, in-depth comparison of the institutions and processes that formulate domestic and external monetary policy in the U.S., Germany, and Japan. It outlines the differences in policymaking among the three countries and the policy patterns they produced over the postwar period.
Author: Pierre L. Siklos
Publisher: Cambridge University Press
Published: 2002-11-21
Total Pages: 372
ISBN-13: 1139433466
DOWNLOAD EBOOKCentral banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.
Author: Yoshiharu Oritani
Publisher: Springer
Published: 2019-07-09
Total Pages: 343
ISBN-13: 9811390010
DOWNLOAD EBOOKThis book uniquely explores the role and governance mechanism of central banks by applying new institutional economics (NIE). Simultaneously, the book tests the analytical viability of NIE when applied to an organization that has both public and private characteristics. Special attention is paid to the Bank of Japan (BOJ) based on the author’s 30 years of work experience and “participant observation” there, touching upon discussion of central bank independence. The book argues that central bank independence cannot be defended solely by law, and a mechanism to eliminate requests from politicians needs to be embedded within the governance structure. The book also provides a comparative analysis between the BOJ and central banks in Europe and the USA. In reviewing the global financial crisis of 2008–2009, it suggests possible measures based on behavioral economics and public choice theory. These theory-based analyses provide useful insights when considering matters such as whether a central bank should issue electronic money or the European system of central banks could be established in Asia.
Author: A. Chandavarkar
Publisher: Springer
Published: 1996-10-31
Total Pages: 304
ISBN-13: 0230371507
DOWNLOAD EBOOKThis is a comprehensive state-of-the-art survey which analyzes institutions, policies and issues of central banking in developing countries including interest-free Islamic and transition economies. It discusses objectives and functions; monetary, exchange, supervisory and developmental roles; financial liberalization; informal finance; causes and implications of central bank losses. It critically evaluates currency boards, central bank independence, ceilings on government credit and suggests radical organizational reforms, divestiture of quasi-fiscal activities and partial privatization of central banks.
