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Books > Business & Economics > Economics > Macroeconomics
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Central Bankers, Bureaucratic Incentives, and Monetary Policy (Paperback, Softcover reprint of the original 1st ed. 1986)
Loot Price: R4,286
Discovery Miles 42 860
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Central Bankers, Bureaucratic Incentives, and Monetary Policy (Paperback, Softcover reprint of the original 1st ed. 1986)
Series: Financial and Monetary Policy Studies, 13
Supplier out of stock. If you add this item to your wish list we will let you know when it becomes available.
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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."
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