Appointing Central Bankers: The Politics of Monetary Policy by Kelly H. Chang

By Kelly H. Chang

Targeting how the President and the Senate impression financial coverage through appointing Federal Reserve Board participants, this e-book solutions 3 questions about the appointment approach and its results. First, do politicians impact financial coverage through Federal Reserve appointments? moment, who impacts the process--only the President or the President and the Senate? 3rd, how is the constitution of the Federal Reserve appointment technique defined? The examine extends the research of the Federal Reserve Board to the eu valuable financial institution.

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Extra info for Appointing Central Bankers: The Politics of Monetary Policy in the United States and the European Monetary Union (Political Economy of Institutions and Decisions)

Sample text

For each member in the minority, I assigned a direction based on explicit references to the direction she would have preferred. In contrast to many previous studies,25 this study includes all votes at meetings, nondissents as well as dissents, and therefore utilizes all the information contained in the formal voting records. The entire dataset also contains data from 1951–69, but I did not use that data because the FOMC used a different set of criteria for judging economic conditions during that period.

However, any appointee greater than x8 will not 2 result in a unique policy outcome. In fact, all such appointees will result in the same outcome, x7+x8 . Similarly, all appointees less than x5 will result 2 in the same outcome, x5+x7 . 2: Range 1 These complications will affect the extent to which the president and Senate can move policy to exactly their desired location with one appointment. Sometimes, no matter how much they would like to move policy to some location, there will be a limit to which they can do so, and the limit will be determined by the location of the vacancy.

Finally, I perform a positive, interest-based analysis of the Fed’s origins to uncover why the appointment structure looks as it does. These political struggles are neither unique to monetary policy nor the United States. This study attempts to shed light on the fundamental dynamics of the bargaining process and provides an approach to the study of these dynamics that can be applied in a number of different settings including the European Monetary Union (EMU). 6 The Plan of the Book of Ministers and confirmed by the Heads of States.

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