Beschreibung:
Focusing on how the President and the Senate influence monetary policy by appointing Federal Reserve Board members, this book answers three questions about the appointment process and its effects. First, do politicians influence monetary policy via Federal Reserve appointments? Second, who influences the process--only the President or the President and the Senate? Third, how is the structure of the Federal Reserve appointment process explained? The study extends the analysis of the Federal Reserve Board to the European Central bank.
List of figures; List of tables; Acknowledgments; 1. Introduction; 2. A formal model of the appointment process; 3. Estimating monetary policy preferences; 4. Empirically testing the model's predictions; 5. Appointments to the European Central Bank; 6. The origins of the Federal Reserve appointment process; 7. Conclusions; Bibliography; Index.