Government Budgetary and Private-Sector Pressures on US Monetary Policy: Some Preliminary Evidence

Richard Burdekin and Paul Burkett
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Paul Burkett: Indiana State University

Chapter 7 in Distributional Conflict and Inflation, 1996, pp 128-140 from Palgrave Macmillan

Abstract: Abstract As is true of the econometric literature on the German hyperinflation, many quantitative studies of the money supply and inflation processes in the post- World War II US economy have focused on the pressures which government deficits – as conditioned by political-economic influences on the executive and congressional administration – place on monetary policy. The importance of administration influence on Federal Reserve policy has been suggested in such studies as Potts and Luckett (1978), Hamburger and Zwick (1981, 1982), Laney and Willett (1983), McMillin (1986), Grier and Neiman (1987), Burdekin (1988) and Havrilesky (1993). The effects of government deficits on the money supply, inflation, and overall economic performance – as well as the political-economic channels by which these effects are asserted – are still controversial, however (see the surveys provided by Dwyer, 1985; Hibbs, 1987; Burdekin and Langdana, 1992).

Keywords: Monetary Policy; Central Bank; Federal Reserve; Money Supply; Exchange Rate Regime (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37173-6_7

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DOI: 10.1057/9780230371736_7

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