Henry Wallich's Books

Committee Decisions on Monetary Policy

Evidence from Historical Records of the Federal Open Market Committee

By: Henry W. Chappell, Jr.,Rob Roy McGregor,Todd Vermilyea

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Committee Decisions on Monetary Policy

Evidence from Historical Records of the Federal Open Market Committee

By: Henry W. Chappell, Jr.,Rob Roy McGregor,Todd Vermilyea

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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Page Count

340

Publisher

MIT Press

Published Date

ISBN 10

0262262207

ISBN 13

9780262262200

Discourses; Biological & Geological, Essays

in large print

By: Thomas Henry Huxley

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Discourses; Biological & Geological, Essays

in large print

By: Thomas Henry Huxley

Reproduction of the original. The publishing house Megali specialises in reproducing historical works in large print to make reading easier for people with impaired vision.

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Page Count

382

Publisher

BoD – Books on Demand

Published Date

ISBN 10

3387336217

ISBN 13

9783387336214

History of Cass County, Illinois

By: William Henry Perrin

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History of Cass County, Illinois

By: William Henry Perrin

Reprint of the original, first published in 1882.

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Page Count

362

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BoD – Books on Demand

Published Date

ISBN 10

3385475341

ISBN 13

9783385475342

Flora Capensis

By: William Henry Harvey

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Flora Capensis

By: William Henry Harvey

This seminal publication began life as a collaborative effort between the Irish botanist William Henry Harvey (1811-66) and his German counterpart Otto Wilhelm Sonder (1812-81). Relying on many contributors of specimens and descriptions from colonial South Africa - and building on the foundations laid by Carl Peter Thunberg, whose Flora Capensis (1823) is also reissued in this series - they published the first three volumes between 1860 and 1865. These were reprinted unchanged in 1894, and from 1896 the project was supervised by William Thiselton-Dyer (1843-1928), director of the Royal Botanic Gardens at Kew. A final supplement appeared in 1933. Reissued now in ten parts, this significant reference work catalogues more than 11,500 species of plant found in South Africa. Volume 5 appeared in three parts, the second comprising sections published between 1915 and 1925, covering Thymelaeaceae to Ceratophylleae. The 1933 supplement on Gymnospermae is also incorporated in this reissue.

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