Fiche du document
5 décembre 2018
- handle: 10670/1.3g1ylv
- halshs: halshs-02124520
- doi: 10.1080/00076791.2018.1517752
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.1080/00076791.2018.1517752
Mots-clés
Central banking federal open market committee dissent governance public debt World War 2 D - Microeconomics/D.D7 - Analysis of Collective Decision-Making/D.D7.D71 - Social Choice • Clubs • Committees • Associations D - Microeconomics/D.D7 - Analysis of Collective Decision-Making/D.D7.D78 - Positive Analysis of Policy Formulation and Implementation E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their Policies N - Economic History/N.N1 - Macroeconomics and Monetary Economics • Industrial Structure • Growth • Fluctuations/N.N1.N12 - U.S. • Canada: 1913– N - Economic History/N.N4 - Government, War, Law, International Relations, and Regulation/N.N4.N42 - U.S. • Canada: 1913–Sujets proches
Methods of analysis Analysis and chemistry Analytical methods Chemical analysis Analysis methods Analysis and examinationCiter ce document
Etienne Farvaque et al., « Debates and dissent inside the FOMC during WWII », HAL-SHS : économie et finance, ID : 10.1080/00076791.2018.1517752
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Résumé
We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed’s balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials.