tag:blogger.com,1999:blog-5624436327404149621.post6101627716878295510..comments2024-03-28T06:10:48.758-07:00Comments on Quantitative Ease by Carola Binder: Congressional Attention to Monetary Policy over TimeCarolahttp://www.blogger.com/profile/12783977056485775882noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5624436327404149621.post-10659398386588285322021-06-08T17:41:02.105-07:002021-06-08T17:41:02.105-07:00google 3052
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You enter in a prohibited zone which is full of dangerous holes.<br />tiny tankshttp://www.tinytanksunblocked.comnoreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-64543407711149806002016-04-01T12:56:04.622-07:002016-04-01T12:56:04.622-07:00Thank you! I will definitely check that out.Thank you! I will definitely check that out.Carolahttps://www.blogger.com/profile/12783977056485775882noreply@blogger.comtag:blogger.com,1999:blog-5624436327404149621.post-65956869094870199492016-03-31T08:11:52.742-07:002016-03-31T08:11:52.742-07:00I'm a long time reader but haven't comment...I'm a long time reader but haven't commented before...<br /><br />Are you familiar with Schonhardt-Bailey’s work? (http://www.amazon.com/Deliberating-American-Monetary-Policy-Analysis/dp/0262019574) If not, you might find it interesting. Her analysis of the Congressional hearings, of the Q&As after the semi-annual testimonies, and of the chair confirmation hearings offers a pretty grim view (if a recall correctly, been a while since I read it) on the quality of Congressional oversight on policy from the Great Moderation until the start of the current crisis. Most of the time, oversight committee members are more interested in getting a comment from Greenspan about their pet fiscal project than about something related to monetary policy. This would seem to be connected to the Volcker revolution and to a low and stable inflation rate becoming the main thing one would expect from a central bank. As this happened, and low and stable inflation actually materialized, Congress seems to have quit caring about the substance of monetary policy. In this sense, looking at the quantity of hearings per se does not give much info about whether there is political pressure on the central bank or not. (Before Volcker the Fed really wasn’t independent of politics in the modern sense, I suppose) Thinking about the events during the crisis (that are mostly out-of-sample regarding the book), I would say off the top of my hat that Fed-bashing became much more intense i.e. the quality of hearings changed. Also, on the legislative front, the Audit the Fed and Rules-based policy proposals would really change the making of monetary policy. I don’t know anything about the bills that you cite in your post but I would guess that before the crisis they don’t involve anything equally radical.<br />A couple quotes from Schonhardt-Bailey:<br />“An interim conclusion is therefore that taken at face value members of Congress and Fed chairmen talk across each other in oversight hearings. The content of their remarks is quite distinct. But further analysis suggests that the picture is not so simple. At the least members of Congress are seeking to "recruit" a successful Fed chair to support their view on a range of associated policy issues. Thus, while monetary policy is the stated focus of the hearings, there is a lot more going on in the actual discourse.”<br />“As this exchange between Bunning and Bernanke illustrates, challenges to the Fed in the early 2000s were less on the substance of monetary policy and more on the mechanisms of transparency. This less confrontational atmosphere (at least on the fundamentals of policy) is indicative of the changing nature of congressional oversight on monetary policy over this period.”<br />“Our first conclusion is that members of Congress demonstrated very limited interest in debating the more technical details of monetary policy with successive Fed chairmen. The evidence indicates that this interest declined further over time (i.e., for the Greenspan and Bernanke periods, no party was significant for a monetary policy thematic group aside from labor markets). Thus, at least with respect to the details of monetary policy, members of Congress appear more passive than active (i.e., more willing to listen than to speak). Apart from where monetary policy might affect jobs, members of Congress appear uninterested in the details of monetary policy-making. Reasons for this passivity may well vary from member to member, but there are likely to be some commonalities. We return to this in our interviews chapter, where we ask our respondents to comment specifically on this finding.”<br />“In sum, our conclusion here is that members of Congress of both parties failed to probe very deeply or consistently the issue of financial stability in the years leading up to the crisis. Where questions were asked of Greenspan, generally the answers were lengthy and the questioner usually accepted the response with no further dialogue or follow-up.”<br />Joosefhttps://www.blogger.com/profile/01107879175785046955noreply@blogger.com