{"title":"FEDERAL RESERVE POLITICS AND MONETARY INSTABILITY","authors":"G. Epstein","doi":"10.4337/9781788978415.00012","DOIUrl":"https://doi.org/10.4337/9781788978415.00012","url":null,"abstract":"The crucial significance of the Federal Reserve System in the making of U.S. macroeconomic policy has once again been made painfully apparent. The stagnation experienced by the U.S. economy since 1979 has, as its proximate cause, the restrictive monetary policies implemented by the U.S. central bank.","PeriodicalId":355709,"journal":{"name":"The Political Economy of Central Banking","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124328279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Federal Reserve Behavior and the Limits of Monetary Policy in the Current Economic Crisis","authors":"G. Epstein","doi":"10.4337/9781788978415.00009","DOIUrl":"https://doi.org/10.4337/9781788978415.00009","url":null,"abstract":"In August 1979, virtually everyone with wealth and in the know were trying to get out of dollars. They were buying gold. They were buying anything \"real\" they could get their hands on. The dollar was in a free fall. And after presiding over three years of rapid, but inflationary economic growth, so was Jimmy Carter.","PeriodicalId":355709,"journal":{"name":"The Political Economy of Central Banking","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115585553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"DOMESTIC STAGFLATION AND MONETARY POLICY: THE FEDERAL RESERVE AND THE HIDDEN ELECTION","authors":"G. Epstein","doi":"10.4337/9781788978415.00008","DOIUrl":"https://doi.org/10.4337/9781788978415.00008","url":null,"abstract":"As Jerry Ford left the White House he handed Jimmy Carter three envelopes, instructing him to open them one at a time as problems became overwhelming. After a year, Carter opened the first envelope. It said, \"attack Jerry Ford.\" He did. A year later, Carter opened the second envelope. It said, \"attack the Federal Reserve.\" He did. Three years into his term, and even more overwhelmed by the economy, Iran, Afghanistan and so forth, Carter opened the third envelope. It said: \"prepare three envelopes.\" Paul Volcker, January 1981","PeriodicalId":355709,"journal":{"name":"The Political Economy of Central Banking","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131022518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"FINANCE, MACROECONOMIC POLICY AND CENTRAL BANKING: FROM VOLCKER TO TRUMP","authors":"","doi":"10.4337/9781788978415.00007","DOIUrl":"https://doi.org/10.4337/9781788978415.00007","url":null,"abstract":"","PeriodicalId":355709,"journal":{"name":"The Political Economy of Central Banking","volume":"418 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124198477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"CAPITALISTS, WORKERS AND WALL STREET: THE FIGHT FOR THE FEDERAL RESERVE","authors":"","doi":"10.4337/9781788978415.00011","DOIUrl":"https://doi.org/10.4337/9781788978415.00011","url":null,"abstract":"","PeriodicalId":355709,"journal":{"name":"The Political Economy of Central Banking","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129989428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"THE FEDERAL RESERVE-TREASURY ACCORD AND THE CONSTRUCTION OF THE POSTWAR MONETARY REGIME IN THE UNITED STATES","authors":"G. Epstein, J. Schor","doi":"10.4337/9781788978415.00013","DOIUrl":"https://doi.org/10.4337/9781788978415.00013","url":null,"abstract":"This previously published, but now out-of-print paper addresses the circumstances surrounding the ‘Federal Reserve - Treasury Accord of 1951. We want to make it available now because of the current intense focus on the role of the Federal Reserve in the financial crisis, which has raised serious questions about its governance. Some critics —particularly those aligned with Congressman Ron Paul — want to \"end the Fed.\" A much better approach, however, is to democratize the Federal Reserve. Democratizing the Fed is not a hypothetical scenario. As our paper discusses, during the Second World War, the Federal Reserve was largely under the control of the U.S. government — particularly the Executive Branch and especially the Treasury Department. In these conditions, Federal Reserve policy was highly coordinated with fiscal policy and contributed significantly to the war effort. Following the Second World War, financial interests and the Fed itself pushed very hard to make it more independent of the elected government, and to make it dependent on and subservient to the financial sector. This is the Federal Reserve we are once again living with today. The paper suggests putting true democratic control of the Federal Reserve back on the policy agenda, rather than protecting its capture by finance, or \"ending the fed\" and putting the economy back into the straight jacket of a gold standard, which helped throw the world into the Great Depression of the 1930s.","PeriodicalId":355709,"journal":{"name":"The Political Economy of Central Banking","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129468663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Macropolicy in the Rise and Fall of the Golden Age","authors":"J. Schor, G. Epstein","doi":"10.1093/acprof:oso/9780198287414.003.0003","DOIUrl":"https://doi.org/10.1093/acprof:oso/9780198287414.003.0003","url":null,"abstract":"The Golden Age was the era of demand management. Originally with monetary, and then fiscal policy, the governments of the advanced capitalist economies attempted to enhance and guide the accumulation process. They allocated credit, manipulated interest ra","PeriodicalId":355709,"journal":{"name":"The Political Economy of Central Banking","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126719162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"THE POLITICAL ECONOMY OF CENTRAL BANKING: ANALYTICAL AND EMPIRICAL PERSPECTIVES","authors":"","doi":"10.4337/9781788978415.00016","DOIUrl":"https://doi.org/10.4337/9781788978415.00016","url":null,"abstract":"","PeriodicalId":355709,"journal":{"name":"The Political Economy of Central Banking","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132721303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}