Research activities and budget allocations among Federal Reserve Banks

Eugenia Toma and Mark Toma

Public Choice, 1985, vol. 45, issue 2, 175-191

Abstract: This paper applies the theory of bureaucracy to the internal operation of the Federal Reserve System. According to the bureaucratic model, the Board of Governors will use budget allocations to the individual Reserve Banks as a means of controlling their provision of information. By examining the research publications of Reserve Banks, we find two Banks which began providing ‘adverse publicity’ for the System in recent years. The empirical analysis reveals that the budgets of these Banks have decreased following the changes in research agendas. Copyright Martinus Nijhoff Publishers 1985

Date: 1985
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DOI: 10.1007/BF00215063

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