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The Pressures on American Monetary Policy (Paperback, Softcover reprint of the original 1st ed. 1993)
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The Pressures on American Monetary Policy (Paperback, Softcover reprint of the original 1st ed. 1993)
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The basic motivation for this book is my lifelong interest in the
relationship between political processes and macroeconomic
outcomes, especially in the area of monetary policy. Monetary
policy is an area where political considerations regularly impact
upon economic results. When my fascination with this subject began
thirty years ago, none of the scholarly literature of that period
engaged in modeling monetary policy, even as a constrained
maximization problem, not to mention systematically linking it to
politically-generated goals. My dissertation at the University of
Illinois in 1966 and my first published article (in the Journal of
Political Economy in 1967) addressed the modeling and estimation of
the concerns that propel monetary policy. In the political and
economic turbulence of the period from the late 1960s through the
early 1980s, it became clear that the directions taken by monetary
policy were changing with some frequency. Much of my published
research during that period dealt with formal control theoretic
models of monetary policy but some of it attempted to measure these
changes and showed that monetary policy reactions to the state of
the economy were not stable over time. Even during this early
period I suggested reforms which might reduce the resulting
instability in the economy. For example, my 1972 article in the
Journal of Political Economy suggested systematic penalties Federal
Reserve officials who failed to meet the goal of monetary stability
by tying their budgets or salaries inversely to the rate of
inflation.
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