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Article: The influence of the Federal Advisory Council on monetary policy.
- Article from:
- Journal of Money, Credit & Banking
- Article date:
- February 1, 1990
- Author:
CopyrightCOPYRIGHT 1990 Ohio State University Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Influence of the Federal Advisory Council on Monetary Policy
SCHOLARLY INTEREST IN THE POLITICAL AND INTEREST GROUP INFLUENCES on Federal Reserve policy-making has grown rapidly in recent years. This awareness is motivated by the literature on the new political business cycle (the electoral/partisanship cycle) and the public choice theory of monetary policy as well as the growing consensus regarding the nature of the symbiosis between the Federal Reserve System and the executive and legislative branches of government. Researchers agree on the existence of political influences but disagree as to their importance. The traditional notion of Congressional ...