The Political Economy of Central Banking最新文献

FEDERAL RESERVE POLITICS AND MONETARY INSTABILITY 美联储政治和货币不稳定

The Political Economy of Central Banking

Pub Date : 2019-08-30 DOI: 10.4337/9781788978415.00012

G. Epstein

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.

联邦储备系统在制定美国宏观经济政策方面的关键意义再次痛苦地显现出来。1979年以来美国经济停滞的直接原因是美国中央银行实施的限制性货币政策。

引用次数: 3

Federal Reserve Behavior and the Limits of Monetary Policy in the Current Economic Crisis 当前经济危机中的美联储行为与货币政策的局限性

The Political Economy of Central Banking

Pub Date : 2019-08-30 DOI: 10.4337/9781788978415.00009

G. Epstein

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.

1979年8月，几乎所有拥有财富和知情人士都在试图卖出美元。他们在购买黄金。他们买任何他们能买到的“真货”。美元处于自由落体状态。在领导了3年快速但通货膨胀的经济增长之后，吉米·卡特(Jimmy Carter)也是如此。

引用次数: 1

DOMESTIC STAGFLATION AND MONETARY POLICY: THE FEDERAL RESERVE AND THE HIDDEN ELECTION 国内滞胀与货币政策:美联储与秘密选举

The Political Economy of Central Banking

Pub Date : 2019-08-30 DOI: 10.4337/9781788978415.00008

G. Epstein

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

当杰里·福特离开白宫时，他递给吉米·卡特三个信封，指示他在遇到难以应付的问题时，一次打开一个。一年后，卡特打开了第一个信封。上面写着，“攻击杰里·福特。”他做到了。一年后，卡特打开了第二个信封。它说，“攻击美联储。”他做到了。卡特上任三年后，在经济、伊朗、阿富汗等问题的重压下，他打开了第三个信封。上面写着:“准备三个信封。”保罗·沃尔克，1981年1月

引用次数: 3

FINANCE, MACROECONOMIC POLICY AND CENTRAL BANKING: FROM VOLCKER TO TRUMP 金融、宏观经济政策和央行:从沃尔克到特朗普

The Political Economy of Central Banking

Pub Date : 1900-01-01 DOI: 10.4337/9781788978415.00007

引用次数: 0

CAPITALISTS, WORKERS AND WALL STREET: THE FIGHT FOR THE FEDERAL RESERVE 资本家、工人和华尔街:为美联储而战

The Political Economy of Central Banking

Pub Date : 1900-01-01 DOI: 10.4337/9781788978415.00011

引用次数: 0

THE FEDERAL RESERVE-TREASURY ACCORD AND THE CONSTRUCTION OF THE POSTWAR MONETARY REGIME IN THE UNITED STATES 美联储-财政部协议与美国战后货币制度的构建

The Political Economy of Central Banking

Pub Date : 1900-01-01 DOI: 10.4337/9781788978415.00013

G. Epstein, J. Schor

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.

这篇以前发表过但现已绝版的论文论述了围绕1951年“美联储-财政部协议”的情况。我们希望现在公布这份报告，是因为目前人们对美联储(fed)在金融危机中扮演的角色非常关注，这引发了对其治理的严重质疑。一些批评人士——尤其是那些与国会议员罗恩·保罗结盟的人——想要“终结美联储”。然而，一个更好的办法是让美联储民主化。美联储民主化并不是一个假想的场景。正如我们的论文所讨论的，在第二次世界大战期间，美联储在很大程度上是由美国政府控制的，尤其是行政部门和财政部。在这种情况下，美联储的政策与财政政策高度协调，为战争做出了重大贡献。第二次世界大战后，金融利益集团和美联储本身非常努力地推动美联储更加独立于民选政府，并使其依赖并服从于金融部门。这就是我们今天再次与之共存的美联储。这篇论文建议将对美联储的真正民主控制重新提上政策议程，而不是保护其被金融控制，或者“终结美联储”，让经济重新回到金本位制的束缚中。金本位制曾帮助世界陷入上世纪30年代的大萧条。

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引用次数: 3

Macropolicy in the Rise and Fall of the Golden Age 黄金时代兴衰中的宏观政策

The Political Economy of Central Banking

Pub Date : 1900-01-01 DOI: 10.1093/acprof:oso/9780198287414.003.0003

J. Schor, G. Epstein

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

黄金时代是需求管理的时代。首先是货币政策，然后是财政政策，发达资本主义经济体的政府试图加强和引导积累过程。他们分配信贷，操纵利率

引用次数: 23

THE POLITICAL ECONOMY OF CENTRAL BANKING: ANALYTICAL AND EMPIRICAL PERSPECTIVES 中央银行的政治经济学:分析和实证观点

The Political Economy of Central Banking

Pub Date : 1900-01-01 DOI: 10.4337/9781788978415.00016

引用次数: 0