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Titlebook: Central Bankers, Bureaucratic Incentives, and Monetary Policy; Eugenia Froedge Toma,Mark Toma Book 1986 Martinus Nijhoff Publishers, Dordr

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书目名称Central Bankers, Bureaucratic Incentives, and Monetary Policy
编辑Eugenia Froedge Toma,Mark Toma
视频video
丛书名称Financial and Monetary Policy Studies
图书封面Titlebook: Central Bankers, Bureaucratic Incentives, and Monetary Policy;  Eugenia Froedge Toma,Mark Toma Book 1986 Martinus Nijhoff Publishers, Dordr
描述By 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.
出版日期Book 1986
关键词Financing; Inflation; banking; economy; human capital; monetary policy; organization; organizations; researc
版次1
doihttps://doi.org/10.1007/978-94-009-4432-9
isbn_softcover978-94-010-8473-4
isbn_ebook978-94-009-4432-9Series ISSN 0921-8580 Series E-ISSN 2197-1889
issn_series 0921-8580
copyrightMartinus Nijhoff Publishers, Dordrecht 1986
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M. A. Dambacher,G. David,W. Kneer,M. Neffnction of squared (or absolute) deviations from these goals. Operative constraints consist of information describing both the developing state of the aggregate economy and the ways in which variables directly under the Fed’s control (.) link up with the goal variables (Wood, 1967; Friedlaender, 1973
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Inflationary Bias of the Federal Reserve Systemverall trend in the price level. Generally, during war time periods the consumer price index increased significantly, but during the intervening periods prices gradually declined to approximately their former levels. However, since the creation of the Fed, there has been an unmistakable, and almost
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Preliminary Evidence on the Use of Inputs by the Federal Reserve Systemll employment, economic growth, and stable prices — scholarly evaluations of the central bank’s performance understandably center most often on the behavior over time of macroeconomic variables such as the aggregate price level, interest rates, and national income. Recently, however, Friedman and ot
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The Choice of Monetary Instruments and the Theory of Bureaucracy(1)ed through control of one nominal magnitude and an interest rate.(2) In practice, the requirements as Harry G. Johnson argues, are identical: ‘the central bank can control the price level if it fixes the yield on its liabilities and controls the quantity thereof through open market operations’ (pp.
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