Debates and dissent inside the FOMC during WWII
Etienne Farvaque
- Fonction : Auteur
- PersonId : 20104
- IdHAL : etienne-farvaque
- ORCID : 0000-0002-9180-4594
- IdRef : 061113581
Antoine Parent
- Fonction : Auteur
- PersonId : 172038
- IdHAL : antoine-parent
- ORCID : 0000-0001-5087-9488
- IdRef : 030299489
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.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Debates and dissent inside the FOMC during WWII
|
Résumé |
en
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.
|
Auteur(s) |
Etienne Farvaque
1
, Antoine Parent
2, 3
, Piotr Stanek
4
1
LEM -
Lille économie management - UMR 9221
( 413157 )
- Université de Lille, Site Cité Scientifique Bâtiment SH2 - 59655 Villeneuve D'Ascq
- France
2
IEP Lyon -
Sciences Po Lyon - Institut d'études politiques de Lyon
( 59112 )
- 14 avenue Berthelot - 69365 Lyon cedex 07
- France
3
LAET -
Laboratoire Aménagement Économie Transports
( 447425 )
- 14, Avenue Berthelot - 69363 Lyon Cedex 07 France
- France
4
Cracow University of Economics
( 475909 )
- Pologne
|
Page/Identifiant |
1-26
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2018-12-05
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Mots-clés |
en
Central banking, federal open market committee, dissent, governance, public debt, World War 2
|
DOI | 10.1080/00076791.2018.1517752 |
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