1. Show or hide comments about the document.

  2. Search over the document's text.

  3. Share the document through social networks or e-mail.

  4. After selecting an area on the page.

  5. ...you can:
    copy the text
    share the segment
    comment
    cite the document

Fall 2016
ISSN 0890-913X
Volume 31, Number 3

Public and Private Institutions in the Federal Reserve

Paul D. Mueller, The King's College, Manhattan
Download Share e-mail
  • << Back to editing
  • Previous version by
  • << Older
  • Newer >>
  • Revert to this one
  • Edit
  • Fullscreen
  • Show comments
  •  
  •  
  •  
  •  
  • Zoom:
     
     
  • Page:  / 20
  •  
  •  
  •  
  • Line spacing:
     
     
  • Word spacing:
     
     
  • Search:FindClose
 
search results
 
 
 
 
 
 
 
 
 
 
 
432
648
1
0
/index.php?action=ajax&rs=GDMgetPage&rsargs[]=2016 Journal of Private Enterprise vol 31 no 3 Fall parte4.pdf&rsargs[]=0
TheJournalofPrivateEnterprise31(3),2016,4968PublicandPrivateInstitutionsintheFederalReservePaulD.MuellerTheKingsCollege,Manhattan______________________________________________________AbstractThemixofpublicandprivategovernanceintheFederalReserveSystemmakesitaninterestingcaseofentangledpoliticaleconomy.DoesthegovernanceoftheBoardofGovernorsdiffersignificantlyfromthatofthedistrictbanks?Iarguethatitdoes.Besidestheirsignificantlydifferentorganizationalandaccountabilitystructures,IshowtwodistincttrajectoriesofgrowthforthedistrictbanksversustheBoardofGovernorsusingbudgetandemploymentdatafrom1987through2014.TheBoardofGovernorsseemstobepurelyagovernmentagency,whilethedistrictbanksaremuchmorelikeprivateentities.Ifdistrictbanksfaceincentivesandhaveinstitutionalfeaturesthatmakethemactlikeprivateentitiesconstraininggrowthinbudgetandemployment,developingandimplementingnewtechnology,andbeingresponsivetomarketfeedbackthenwecanexpectthemtoimplementbettermonetarypolicyandfinancialoversightthanthebureaucraticBoardofGovernorsdoes.______________________________________________________JELCodes:E50,E58,N22Keywords:FederalReserve,monetarypolicy,entangledpoliticaleconomy,districtbanks,BoardofGovernorsMonetarydevelopmentsduringthepastfewdecadeshave,Ibelieve,beendeterminedfarmorebytheinstitutionalstructureoftheFederalReserveandexternalpressuresthanbytheintentions,knowledge,orpersonalcharacteristicsofthepersonswhoappearedtobeincharge.”MiltonFriedman(1985,p.4)I.TheFederalReserveandItsIndependenceSincethe2008financialcrisis,theFederalReserveSystemhashadanincreasinglyprominentroleinthefinancialmarkets.Overthepastsevenyears,theFedhasgrownsignificantlybothinsizeandinitsinfluenceovertheperformanceofvariousfinancialmarkets.IthankJacobMueller,BrandonDupont,andananonymousrefereeforhelpfulcomments.Allremainingerrorsaremyown.
GLIFOS-digital_archive