Cheryl Schonhardt-Bailey
- Published in print:
- 2013
- Published Online:
- May 2014
- ISBN:
- 9780262019576
- eISBN:
- 9780262314725
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262019576.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been ...
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American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been difficult to quantify. This book provides a systematic examination of deliberation on monetary policy from 1976 to 2008 by the Federal Reserve’s Open Market Committee (FOMC) and House and Senate banking committees. The innovative account employs automated textual analysis software to study the verbatim transcripts of FOMC meetings and congressional hearings; these empirical data are supplemented and supported by in-depth interviews with participants in these deliberations. The automated textual analysis measures the characteristic words, phrases, and arguments of committee members; the interviews offer a way to gauge the extent to which the empirical findings accord with the participants’ personal experiences. Decade after decade, Fed chairman after Fed chairman, one feature is evident in the discourse between central bankers and US legislators: Fed chairmen tend to talk about the technicalities of monetary policy while senators and representatives talk about other things, such as jobs, fiscal policy, energy policy, education, and so on. All too often they simply talk past one another. Analyzing why and under what conditions deliberation matters for monetary policy in the FOMC, the book identifies several strategies of persuasion used by committee members, including Paul Volcker’s emphasis on policy credibility and efforts to influence economic expectations.Less
American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been difficult to quantify. This book provides a systematic examination of deliberation on monetary policy from 1976 to 2008 by the Federal Reserve’s Open Market Committee (FOMC) and House and Senate banking committees. The innovative account employs automated textual analysis software to study the verbatim transcripts of FOMC meetings and congressional hearings; these empirical data are supplemented and supported by in-depth interviews with participants in these deliberations. The automated textual analysis measures the characteristic words, phrases, and arguments of committee members; the interviews offer a way to gauge the extent to which the empirical findings accord with the participants’ personal experiences. Decade after decade, Fed chairman after Fed chairman, one feature is evident in the discourse between central bankers and US legislators: Fed chairmen tend to talk about the technicalities of monetary policy while senators and representatives talk about other things, such as jobs, fiscal policy, energy policy, education, and so on. All too often they simply talk past one another. Analyzing why and under what conditions deliberation matters for monetary policy in the FOMC, the book identifies several strategies of persuasion used by committee members, including Paul Volcker’s emphasis on policy credibility and efforts to influence economic expectations.
Stephen H. Axilrod
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199934485
- eISBN:
- 9780199345786
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199934485.003.0005
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter discusses the Fed's development and communication of monetary policy. It asks what the institutional structure for monetary policy decisions is and looks at what material is provided to ...
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This chapter discusses the Fed's development and communication of monetary policy. It asks what the institutional structure for monetary policy decisions is and looks at what material is provided to the Federal Open Market Committee for discussion of the economic outlook. It asks questions such as: what material is provided to help the Committee form its monetary policy decision? How do Committee members conduct their discussion of the economy and monetary policy? And what, in general, are the main influences on the Fed's policy decision? It considers how Committee members frame and communicate their decision about policy and how influential the chairman in the policy votes is. Finally it asks: why has the Fed become much more open about policy in recent decades? Can there be too much openness?Less
This chapter discusses the Fed's development and communication of monetary policy. It asks what the institutional structure for monetary policy decisions is and looks at what material is provided to the Federal Open Market Committee for discussion of the economic outlook. It asks questions such as: what material is provided to help the Committee form its monetary policy decision? How do Committee members conduct their discussion of the economy and monetary policy? And what, in general, are the main influences on the Fed's policy decision? It considers how Committee members frame and communicate their decision about policy and how influential the chairman in the policy votes is. Finally it asks: why has the Fed become much more open about policy in recent decades? Can there be too much openness?
Stephen H. Axilrod
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199934485
- eISBN:
- 9780199345786
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199934485.003.0002
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter provides an overview of the Fed's policy structure. It addresses the following questions: Where does responsibility for monetary policy decisions reside in the Fed? What does the Federal ...
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This chapter provides an overview of the Fed's policy structure. It addresses the following questions: Where does responsibility for monetary policy decisions reside in the Fed? What does the Federal Open Market Committee do and how is it organized? And how are other monetary policy instruments controlled? It also looks at how the politically appointed Board of Governors is chosen, how the Reserve Banks is governed, and the role of the Reserve Banks in the policy process. It also asks: should the regional structure of the Fed be modified for today's world? Should Reserve Bank presidents be politically appointed? Do member banks and directors of Federal Reserve Banks unduly profit or exert influence? It also examines what happens to the profits from Fed operations, the underlying connection between the government and the Fed, and how the government keeps tabs on the Fed. What does it mean in practice to say the Fed is independent?Less
This chapter provides an overview of the Fed's policy structure. It addresses the following questions: Where does responsibility for monetary policy decisions reside in the Fed? What does the Federal Open Market Committee do and how is it organized? And how are other monetary policy instruments controlled? It also looks at how the politically appointed Board of Governors is chosen, how the Reserve Banks is governed, and the role of the Reserve Banks in the policy process. It also asks: should the regional structure of the Fed be modified for today's world? Should Reserve Bank presidents be politically appointed? Do member banks and directors of Federal Reserve Banks unduly profit or exert influence? It also examines what happens to the profits from Fed operations, the underlying connection between the government and the Fed, and how the government keeps tabs on the Fed. What does it mean in practice to say the Fed is independent?
Mark B. Brown
- Published in print:
- 2009
- Published Online:
- August 2013
- ISBN:
- 9780262013246
- eISBN:
- 9780262258647
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262013246.003.0033
- Subject:
- Biology, Evolutionary Biology / Genetics
This chapter draws attention to the liberal-rationalist image of representation and explains how this embodies the politics of government advisory committees. The discussion continues with reference ...
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This chapter draws attention to the liberal-rationalist image of representation and explains how this embodies the politics of government advisory committees. The discussion continues with reference to the fair balance provision of the Federal Advisory Committee Act (FACA), which is the key constitution dominating the composition of such committees in the United States. The chapter also highlights the advisory committee guidelines, which provide insight into how agency authorities, public representatives, and other civil servants understand the concept of representation and its key role in government advisory committees. The chapter closes with a detailed discussion on the two widespread but mistaken assumptions in the implementation of FACA: experts do not have interests and representatives do not have expertise.Less
This chapter draws attention to the liberal-rationalist image of representation and explains how this embodies the politics of government advisory committees. The discussion continues with reference to the fair balance provision of the Federal Advisory Committee Act (FACA), which is the key constitution dominating the composition of such committees in the United States. The chapter also highlights the advisory committee guidelines, which provide insight into how agency authorities, public representatives, and other civil servants understand the concept of representation and its key role in government advisory committees. The chapter closes with a detailed discussion on the two widespread but mistaken assumptions in the implementation of FACA: experts do not have interests and representatives do not have expertise.
Timothy B. Smith
- Published in print:
- 2014
- Published Online:
- September 2015
- ISBN:
- 9781628460971
- eISBN:
- 9781626740563
- Item type:
- chapter
- Publisher:
- University Press of Mississippi
- DOI:
- 10.14325/mississippi/9781628460971.003.0005
- Subject:
- History, American History: Civil War
This chapter examines the formation of the various committees of the newly formed sovereign state of Mississippi, and the problems that followed the creation of those committees. Following the ...
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This chapter examines the formation of the various committees of the newly formed sovereign state of Mississippi, and the problems that followed the creation of those committees. Following the secession, the delegates shifted their attention to politics, economics, law, and society. The change made up the “second phase” of the Mississippi Secession Convention. They looked into what actions to take to make sure Mississippi was able to take care of itself, whether alone or in a new confederacy. On the span of three days, January 10–12, President William Barry established the following standing committees: Committee on Citizenship in Mississippi, Committee on Federal Jurisdiction and Property, Committee on Postal, Financial and Commercial Affairs, Committee on the State Constitution, Committee on Military and Naval Affairs, and Committee on Southern Confederacy. Yet no sooner had Barry appointed the committees than the delegates began to offer their own resolutions apart from any committee's oversight.Less
This chapter examines the formation of the various committees of the newly formed sovereign state of Mississippi, and the problems that followed the creation of those committees. Following the secession, the delegates shifted their attention to politics, economics, law, and society. The change made up the “second phase” of the Mississippi Secession Convention. They looked into what actions to take to make sure Mississippi was able to take care of itself, whether alone or in a new confederacy. On the span of three days, January 10–12, President William Barry established the following standing committees: Committee on Citizenship in Mississippi, Committee on Federal Jurisdiction and Property, Committee on Postal, Financial and Commercial Affairs, Committee on the State Constitution, Committee on Military and Naval Affairs, and Committee on Southern Confederacy. Yet no sooner had Barry appointed the committees than the delegates began to offer their own resolutions apart from any committee's oversight.
Stephen H. Axilrod
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199934485
- eISBN:
- 9780199345786
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199934485.003.0004
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter discusses the Fed's monetary instruments. It looks at how the Fed's monetary instruments are employed in the policy process, which of the Fed's instruments are most significant for ...
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This chapter discusses the Fed's monetary instruments. It looks at how the Fed's monetary instruments are employed in the policy process, which of the Fed's instruments are most significant for implementing policy, how open market operations are employed in policy implementation, and how the federal funds rate connects with money market conditions in general. It considers how the funds rate decisions affect other credit markets and how key borrowers respond to changed market conditions. In addition, it asks: how do Federal Open Market Committee policy decisions adapt to market uncertainties? How do open market operations avoid creating too much money and inflation? And does the money market itself influence spending or is it mostly a policy conduit? Perhaps the Fed's powers are also used to influence the government securities market.Less
This chapter discusses the Fed's monetary instruments. It looks at how the Fed's monetary instruments are employed in the policy process, which of the Fed's instruments are most significant for implementing policy, how open market operations are employed in policy implementation, and how the federal funds rate connects with money market conditions in general. It considers how the funds rate decisions affect other credit markets and how key borrowers respond to changed market conditions. In addition, it asks: how do Federal Open Market Committee policy decisions adapt to market uncertainties? How do open market operations avoid creating too much money and inflation? And does the money market itself influence spending or is it mostly a policy conduit? Perhaps the Fed's powers are also used to influence the government securities market.
Susan G. Clark
- Published in print:
- 2008
- Published Online:
- October 2013
- ISBN:
- 9780300124224
- eISBN:
- 9780300145038
- Item type:
- book
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300124224.001.0001
- Subject:
- Environmental Science, Environmental Studies
Yellowstone, one of America's most special places, has a special responsibility for its people to whom its management is entrusted. The federal government manages the park itself and much of the ...
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Yellowstone, one of America's most special places, has a special responsibility for its people to whom its management is entrusted. The federal government manages the park itself and much of the greater Yellowstone ecosystem, while the rest is managed by the individual landowners, businesses, and state and tribal governments. This book assesses the leadership and policy process of greater Yellowstone through which leaders seek to work together to chart a course toward sustainability. Specifically, the Greater Yellowstone Coordinating Committee (GYCC), a high-level federal committee that influences management policy and which is made up of the heads of the area's national parks, forests, and wildlife refuges, is considered at large for leadership purposes. The intent is to see the issues that arise in greater Yellowstone through the eyes of decision makers who are subject to real deadlines and policy constraints. The analysis accomplished in this book is meant to encourage greater reflection and attention to the higher-order tasks as well as to the basic tasks required for effective leadership, not only by the region's leaders, but also by all the other organizations and individuals who live there and care about the future of America's natural heritage.Less
Yellowstone, one of America's most special places, has a special responsibility for its people to whom its management is entrusted. The federal government manages the park itself and much of the greater Yellowstone ecosystem, while the rest is managed by the individual landowners, businesses, and state and tribal governments. This book assesses the leadership and policy process of greater Yellowstone through which leaders seek to work together to chart a course toward sustainability. Specifically, the Greater Yellowstone Coordinating Committee (GYCC), a high-level federal committee that influences management policy and which is made up of the heads of the area's national parks, forests, and wildlife refuges, is considered at large for leadership purposes. The intent is to see the issues that arise in greater Yellowstone through the eyes of decision makers who are subject to real deadlines and policy constraints. The analysis accomplished in this book is meant to encourage greater reflection and attention to the higher-order tasks as well as to the basic tasks required for effective leadership, not only by the region's leaders, but also by all the other organizations and individuals who live there and care about the future of America's natural heritage.
Jonathan S. Adams and Dennis H. Grossman
- Published in print:
- 2000
- Published Online:
- November 2020
- ISBN:
- 9780195125191
- eISBN:
- 9780197561331
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780195125191.003.0013
- Subject:
- Earth Sciences and Geography, Regional Geography
On July 5, 1803, Captain Meriwether Lewis of the First Infantry left Washington, D.C., and headed west. His destination was St. Louis, Missouri, where he was to take ...
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On July 5, 1803, Captain Meriwether Lewis of the First Infantry left Washington, D.C., and headed west. His destination was St. Louis, Missouri, where he was to take command, with his good friend William Clark, of the aptly named Corps of Discovery. President Thomas Jefferson had long dreamed of exploring the West, and on the day before Lewis set out from the capital, Jefferson doubled the size of the country, purchasing 820,000 square miles from France for 3 cents an acre. Jefferson planned the expedition partly to expand commerce in the young nation—he sought the “Northwest Passage,” a water route from coast to coast—but, just as important, to further scientific understanding. Lewis shared with his commander in chief a deep curiosity about the natural world, and the expedition set out with a presidential charge to discover the flora and fauna of the United States. Jefferson, as talented a scientist as has ever held the office of president, introduced Lewis to the leading natural scientists of the day, and they trained him to collect samples of plants and animals. Jefferson instructed the two commanders to record everything they could about the countryside—“the soil and face of the country, its growth and vegetable productions . . . the animals of the country . . . the remains and accounts of any which may be deemed rare or extinct,” he said. And so they did, plainly but accurately. Jefferson’s personal library, one of the largest collections in the country and later the nucleus of the Library of Congress, included copies of works by Linnaeus and John Bartram, along with many other scientific texts. Meriwether Lewis served as Jefferson’s private secretary for two years before leading the expedition west, and Jefferson undoubtedly introduced his protégé to those works. The Corps of Discovery, like the Bartrams and Peter Kalm, played an important role in the ongoing effort to document the natural heritage of the United States.
Less
On July 5, 1803, Captain Meriwether Lewis of the First Infantry left Washington, D.C., and headed west. His destination was St. Louis, Missouri, where he was to take command, with his good friend William Clark, of the aptly named Corps of Discovery. President Thomas Jefferson had long dreamed of exploring the West, and on the day before Lewis set out from the capital, Jefferson doubled the size of the country, purchasing 820,000 square miles from France for 3 cents an acre. Jefferson planned the expedition partly to expand commerce in the young nation—he sought the “Northwest Passage,” a water route from coast to coast—but, just as important, to further scientific understanding. Lewis shared with his commander in chief a deep curiosity about the natural world, and the expedition set out with a presidential charge to discover the flora and fauna of the United States. Jefferson, as talented a scientist as has ever held the office of president, introduced Lewis to the leading natural scientists of the day, and they trained him to collect samples of plants and animals. Jefferson instructed the two commanders to record everything they could about the countryside—“the soil and face of the country, its growth and vegetable productions . . . the animals of the country . . . the remains and accounts of any which may be deemed rare or extinct,” he said. And so they did, plainly but accurately. Jefferson’s personal library, one of the largest collections in the country and later the nucleus of the Library of Congress, included copies of works by Linnaeus and John Bartram, along with many other scientific texts. Meriwether Lewis served as Jefferson’s private secretary for two years before leading the expedition west, and Jefferson undoubtedly introduced his protégé to those works. The Corps of Discovery, like the Bartrams and Peter Kalm, played an important role in the ongoing effort to document the natural heritage of the United States.