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

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R. Gauderon,P. B. Lukins,C. J. R. Sheppard of the public choice/property rights literature of the past two decades. What is relatively new is the application of this principle to central bank behavior. Until recently, economists have tended to analyze central banks in a Utopian framework. The implicit assumption has been that central banks

Intractable

Stephan Fischer,Christoph Rensing,Utz Rödigssociation about Alfred Marshall’s economics: ‘What is new is highly unlikely at this late date also to be true and significant.’(1) Consequently, I shall restrict my remarks on theory to trying to summarize what I regard as the present intellectual position.

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Relaxed Assumptions for Iteration Methods,ll 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

Flawless

Organisation and Work Beyond 2000 size of the Federal Reserve, measured by the number of system employees, and the annual growth of the monetary base. Elsewhere, Mark Toma (chapter 3 in this volume) found a positive relationship between Fed operating expenses and the level of earnings turned over to the Treasury. Both studies used

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Organisation and Work Beyond 2000ed 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.

obtuse

https://doi.org/10.1007/978-3-642-57437-5one interpretation of the results of Reuber’s pioneering study of central bank preferences was that:.Relatedly, economists have claimed that central banks have placed an undue emphasis on the state of government security markets. The Bank of England, in particular, has been criticized in this vein.(

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