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. Nowadays,
monetary policy is an area where political considerations are
believed by scholars to regularly impact upon economic results. In
contrast, when my interest in this subject began thirty years ago,
the scholarly literature on monetary policy hardly ever mentioned
systematic political influences. My dissertation at the University
of Illinois in 1966 and my first article (in the Joumal 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. My research during that
period dealt with models of monetary policy. In attempting to
measure these changes, it suggested that monetary policy reactions
to the state of the economy were not stable over time. During this
period I became interested in reforms which might reduce the
resulting instability in the economy. For example, my 1972 article
in the Joumal 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.
General
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