Download Appointing Central Bankers: The Politics of Monetary Policy by Kelly H. Chang PDF

By Kelly H. Chang

Targeting how the President and the Senate impression financial coverage by way of appointing Federal Reserve Board individuals, this ebook solutions 3 questions on the appointment procedure and its results. First, do politicians impact financial coverage through Federal Reserve appointments? moment, who impacts the process--only the President or the President and the Senate? 3rd, how is the constitution of the Federal Reserve appointment strategy defined? The research extends the research of the Federal Reserve Board to the eu critical financial institution.

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Read or Download Appointing Central Bankers: The Politics of Monetary Policy in the United States and the European Monetary Union (Political Economy of Institutions and Decisions) PDF

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Extra resources for Appointing Central Bankers: The Politics of Monetary Policy in the United States and the European Monetary Union (Political Economy of Institutions and Decisions)

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I assume further that the Banking Committee median accurately represents the Senate floor median; hereafter all references to the Senate are to the Senate Banking Committee. Although there is some theoretical and empirical controversy regarding this assumption, Krehbiel (1990) and Krehbiel and Rivers’ (1988) results support the assumption. In particular, Krehbiel (1990) shows, using a variety of interest group ratings, that many committees, including the Senate Banking Committee, are not preference outliers compared to the floor.

The ranges based on the left and right sides of the median are virtually the same except for a smaller number of seats. Range 1 is y ∈ {x1, x2, x3}, Range 2 is y ∈ {x4}, and Range 3 is y ∈ {x5, x6, x7}. Third, because a single member defines the median, x can become the outcome of the game. The definitions of the limits are analogous to those of the FOMC ranges with slight differences. Range 1: if y ∈ {x1, x2, x3} For any y ∈ {x1, x2, x3}, SQ1 = x4+x5 . The nonunique correspondences 2 between x and SQ2 are defined for any x such that: (1) x ≤ x4 ⇒ SQ2 = x4 = SQ0 = L1 (2) x ≥ x5 ⇒ SQ2 = x5 = H1 The unique correspondences are defined for any x such that: (3) x4 ≤ x ≤ x5 ⇒ L1 ≤ SQ2 = x ≤ H1 35 Formal Model of the Appointment Process Range 2: if y ∈ {x4} For any y ∈ {x}, SQ1 = x3+x5 .

Although there is some theoretical and empirical controversy regarding this assumption, Krehbiel (1990) and Krehbiel and Rivers’ (1988) results support the assumption. In particular, Krehbiel (1990) shows, using a variety of interest group ratings, that many committees, including the Senate Banking Committee, are not preference outliers compared to the floor. Krehbiel and Rivers (1988) focus on the Senate Committee on Labor and Human Resources since they are concerned with minimum wage law. The FOMC median, the current Fed policy or SQ, is the median of the members currently serving on the FOMC.

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