Monetary Politics: The Federal Reserve and the Politics of by John T. Woolley

By John T. Woolley

This can be the 1st booklet to explain and study the relationships among the Federal Reserve and the president, Congress, bankers, and economists. faraway from being politically self reliant, the Federal Reserve is proven to be delicate to a variety of political impacts.

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36 Money Growth and Inflation in the Euro Area 9 See Crowley (2005) for a discussion of wavelet analysis in economics. 10 The discussion in Gerlach (2004) suggests that this result arises because filtered real output growth is correlated with the output gap. 11 See European Central Bank (2001, p. 42) for a discussion of money growth and inflation expectations. 12 Lucas (1980) presents frequency-domain evidence for US data in support of this proposition. 13 Reynard (2005) shows that accounting for changes in velocity is critical for understanding the relationship between money growth and inflation in the euro area and in the US since the 1970s.

1982) ‘Measurement of Linear Dependence and Feedback between Multiple Time Series’, Journal of the American Statistical Association, 77: 304–24. J. (1969) ‘Investigating Causal Relations by Econometric Models and Cross-Spectral Methods’, Econometrica, 37: 424–38. J. -L. Lin (1995) ‘Causality in the Long Run’, Econometric Theory, 11: 530–36. A. G. Dewald (2004) ‘Longer-Term Effects of Monetary Growth on Real and Nominal Variables, Major Industrial Countries, 1880–2001’, European Central Bank Working Paper no.

Barnett, J. E. Tauchen (eds), Nonparametric and Semiparametric Methods in Economics and Statistics.

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