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Winter 2015

ISSN 0890-913X

Volume 30, Number 4

Categories: Winter 2015 | Monetary policy

Monetary Policy under Bernanke: A Variation on a Redistributionist Theme

Steve Horwitz, St. Lawrence University

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TheJournalofPrivateEnterprise30(4),2015,31–41MonetaryPolicyunderBernanke:AVariationonaRedistributionistThemeStevenHorwitz*St.LawrenceUniversity______________________________________________________AbstractTheBernankeFedcontinuesthelonghistoryofUSmonetaryinstitutionsbeingusedastoolsforenhancingtheresourcesandpowerofthefederalgovernment.Historically,inflationhasbeenthemostcommonwayofconductingthistransferofresourcesfromthepublictothestate.Variousregulatoryinterventionshaveaccomplishedthetaskaswell.WhatdifferentiatestheBernankeFedisthatithasusedpowersobtainedduringacrisistoundertakepoliciesthathaveredistributedwealthdirectlytobanksandlargefinancialinstitutionsundertheguiseofmonetarypolicy,andithasdonesoinwaysthatunderminetheruleoflaw.______________________________________________________JELCodes:E58,N20Keywords:FederalReserve,seigniorage,monetarypolicy,publicchoice,BenBernankeI.IntroductionTheBernankeFedcontinuesthelonghistoryofUSmonetaryinstitutionsbeingusedastoolsforenhancingtheresourcesandpowerofthefederalgovernment.Historically,inflationhasbeenthemostcommonwayofconductingthistransferofresourcesfromthepublictothestate.Variousregulatoryinterventionshaveaccomplishedthetaskaswell.TwothingsdifferentiatetheBernankeFedfromitspredecessors.First,ithasadoptedtwonewtechniquesforenlistingmonetarypolicyinthetaskoftransferringresources.Second,ratherthanaddingtheresourcestransferredfromthepublictothegeneralrevenueofthefederalgovernment,ithastransferredthosefundstobanksandotherfinancialinstitutions.Bothofthetwonewtechniquesfunctionasredistributionschemesthatmoveresourcesfromtheeconomyasawholeintothebankingsystem.Giventheslow,thoughimproving,recoveryfromtheGreat*Anearlierversionofthispaperwaspresentedatthe2014AssociationofPrivateEnterpriseEducationmeetingsinLasVegas.Ithankananonymousrefereeforhelpfulsuggestions.31

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Title	Monetary Policy under Bernanke: A Variation on a Redistributionist Theme
Authors/Creators:	Steve Horwitz, St. Lawrence University
Year:	2015
Volume:	30
Number:	4
Pages:	31 - 41
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Federal Reserve, seigniorage, monetary policy, public choice, Ben Bernanke

Citation:
Horwitz, Steve / 2015. "Monetary Policy under Bernanke: A Variation on a Redistributionist Theme." The Journal of Private Enterprise, 30(4): 31-41.