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

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Banking Sector Influence on the Relationship of Congress to the Federal Reserve Systemer time of an opportunity set that allows the bureau discretionary options. This basis leads them to conclude that a ‘rational’ bureau will obscure its actions, either refusing to provide its sponsoring organization (in Niskanen’s terminology) with information on its activities, or creating a mythology which serves the same purpose.

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Book 1986rch 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

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R. Gauderon,P. B. Lukins,C. J. R. Sheppardssociated with unanticipated changes in the money multiplier or money demand. Because of the assumptions employed, the economist’s role is that of a technician, one who identifies the precise relationships between the monetary base, the money supply, and the resulting inflation rate.

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https://doi.org/10.1007/978-3-642-57437-5om the public’s priorities. Except for vague statements about the inherent conservatism of central bankers, economists have not contributed substantially to an understanding of this important phenomenon.

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