Committee Decisions On Monetary Policy PDF Download
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Author | : Henry W. Chappell, Jr. |
Publisher | : MIT Press |
Total Pages | : 340 |
Release | : 2004-12-30 |
Genre | : Business & Economics |
ISBN | : 9780262262200 |
Download Committee Decisions on Monetary Policy Book in PDF, ePub and Kindle
An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices. To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s.
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Total Pages | : |
Release | : 2010 |
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Download Committee Decisions on Monetary Policy Book in PDF, ePub and Kindle
Author | : Grahame Allen |
Publisher | : |
Total Pages | : 35 |
Release | : 2003 |
Genre | : Political science |
ISBN | : |
Download The Monetary Policy Committee Book in PDF, ePub and Kindle
Author | : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs |
Publisher | : |
Total Pages | : 114 |
Release | : 1983 |
Genre | : Monetary policy |
ISBN | : |
Download Monetary Policy Report ... Together with Additional, Separate, Minority, and Dissenting Views Book in PDF, ePub and Kindle
Author | : Anke Weber |
Publisher | : International Monetary Fund |
Total Pages | : 43 |
Release | : 2010-04-01 |
Genre | : Business & Economics |
ISBN | : 1451982631 |
Download Monetary Policy Committees, Learning and Communication Book in PDF, ePub and Kindle
This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing.
Author | : United States. Congress. House. Committee on Financial Services |
Publisher | : |
Total Pages | : 68 |
Release | : 2007 |
Genre | : |
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Download Monetary policy and the state of the economy Book in PDF, ePub and Kindle
Author | : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy |
Publisher | : |
Total Pages | : 108 |
Release | : 1990 |
Genre | : Budget deficits |
ISBN | : |
Download Zero Inflation Book in PDF, ePub and Kindle
Author | : Jérôme Vandenbussche |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2006-12 |
Genre | : Business & Economics |
ISBN | : |
Download Elements of Optimal Monetary Policy Committee Design Book in PDF, ePub and Kindle
The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research.
Author | : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on International Finance and Monetary Policy |
Publisher | : |
Total Pages | : 112 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : |
Download The Monetary Policy Reform Act of 1991 Book in PDF, ePub and Kindle
Author | : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs |
Publisher | : |
Total Pages | : 328 |
Release | : 1977 |
Genre | : Monetary policy |
ISBN | : |
Download Conduct of Monetary Policy Book in PDF, ePub and Kindle