Book Reviews

2019 ◽  
Vol 57 (1) ◽  
pp. 182-183

Brent Bundick of Federal Reserve Bank of Kansas City reviews “The Structural Foundations of Monetary Policy,” edited by Michael D. Bordo, John H. Cochrane, and Amit Seru. The Econlit abstract of this book begins: “Fourteen papers and discussions, drawn from the Hoover Institution's 2017 monetary policy conference, address long-run monetary issues facing the world economy, with an emphasis on deep, unresolved structural questions.”

2012 ◽  
Vol 10 (9) ◽  
pp. 533
Author(s):  
David Gordon

The Federal Reserve Bank (FED) plays a vital role in the US economy. The roles and functions of the Fed are discussed here. This paper also offers an explanation of the traditional tools the Fed uses to conduct monetary policy. Open market operations are explained. The important role of the discount rate is discussed. The legally required reserve ratios are also explored. This author believes that the Fed has recently created a new tool. This tool is the payment of interest on demand deposit accounts at the Fed. This new tool is explained and its ramifications explored. The functions of monetary policy are also expanded upon in this paper.


Significance Although the most recent failure of the Republican push to repeal Obamacare in the Senate has had a higher profile, the Financial Choice Act faces stronger odds against passage; it would substantially deregulate the financial sector and pare back the independence of the Federal Reserve Bank to set monetary policy. The act also would dilute the power of the Consumer Financial Protection Bureau (CFPB), a regulator created in response to the mis-selling of subprime mortgages that contributed the 2007-09 recession. Impacts Democrats will contrast the White House’s populist claims with the retrenchment of consumer protections. Wary Senate Republicans are unlikely to follow through on Trump’s calls to eliminate the legislative filibuster. The Trump administration will use administrative obstruction and non-enforcement in the face of legislative inertia.


2018 ◽  
Author(s):  
Brett D. Currier ◽  
Courtney R. Butler

Originally presented to the 11th U.S. Networked Knowledge Organization Systems (NKOS) Workshop at the 2017 International Conference on Dublin Core and Metadata Applications, Washington, D.C.Recommended citation: Currier, B. D. & Butler, C. R. (2017). Research Data Reproducibility and the Importance of Attachment Level Metadata. Presentation to the 11th U.S. Networked Knowledge Organization Systems (NKOS) Workshop at the 2017 International Conference on Dublin Core and Metadata Applications, Washington, D.C. Accessed through LIS Scholarship Archive. Available at http://doi.org/10.17605/OSF.IO/7KUGAThough there are inconsistencies in the way that data reproducibility is currently defined within the social sciences, it is often used to mean simply that data and code are made available as a supplement to a primary object, such as a paper, and that these materials may be used to recreate identical results. However, Clemens asserts that a broader, more clearly defined range of ways in which data may be verified and reused, such as reanalysis and extension, is important in facilitating collaborative discussions that ultimately lead to better research. This presents a new curation challenge and a shift in the purpose of research data metadata as data and code themselves become primary research objects.Metadata elements either applied within a content management system or embedded within the object itself at the item, collection, or other hierarchical level in a digital collection (herein called attachment level metadata) is an important and often overlooked consideration for the purposes of research data management and reproducibility. Applying metadata at the highest possible level of attachment in a hierarchical object structure can optimize the schema and reduce redundancy (Sundgren, et al.). However, no matter how well-developed a metadata schema is, if an object becomes separated from the schema then it risks losing much of the contextual information necessary for broadly defined reproducibility. For this reason, a selective combination of embedded metadata and associated metadata at multiple hierarchical levels has the potential to be most effective.With this in mind, the Federal Reserve Bank of Kansas City is currently developing recommendations for file structure and organization, file formats, naming conventions, and metadata schema requirements for research data collections in preparation for implementing a research data preservation platform. These recommendations are based on international standards, such as the Dublin Core Metadata Initiative (DCMI) Metadata Terms, and industry practice, as ascertained from an internally-developed sampling of almost 250 economic journal policies created by cross-referencing journal impact factors, h5-indices, IDEAS rankings, and Federal Reserve Bank of Kansas City staff authorship and service to the journal (Butler and Currier). The various components of the recommendations intersect to support the overall usability, discoverability, interoperability, reproducibility, and preservation of research data as a primary object.This presentation will discuss the differences in and importance of both associated and embedded metadata at multiple levels of hierarchical attachment and the ways in which internal recommendations in these areas are being developed to optimize the reproducibility of research data.ReferencesButler, Courtney R., and Brett D. Currier. 2017. “You Can’t Replicate What You Can’t Find: Data Preservation Policies in Economic Journals,” Presentation at the 43rd IASSIST Annual Conference, Lawrence, KS, May 23-26.Clemens, Michael A. 2017. “The Meaning of Failed Replications: A Review and Proposal,” Journal of Economic Surveys, vol. 31, no. 1, pp. 326 – 342. Available at https://doi.org/ 10.1111/joes.12139Sundgren, B., Thygesen, L., and Denis Ward. 2008. “A model for structuring of statistical data and metadata to be shared between diverse national and international statistical systems,” OECD Working Paper. Available at http://www.oecd.org/std/38541998.doc


Author(s):  
Antoine Camous ◽  
Dmitry Matveev

Abstract We illustrate how financial market data are informative about the interactions between monetary and fiscal policy. Federal funds futures are private contracts that reflect investor’s expectations about future monetary policy decisions. By relating price movements of these contracts with President Trump’s tweets on monetary policy, we explore how financial market participants have perceived attempts by the President to influence monetary policy decisions. Our results indicate that market participants expected the Federal Reserve Bank to adjust monetary policy in the direction suggested by President Trump. (JEL codes: E44, E52, and E58)


2018 ◽  
Vol 8 (2) ◽  
pp. 177-179
Author(s):  
Dariusz Prokopowicz

The global financial crisis in 2008 was the reason for increasing the scale of interventionist economic policies in developed countries. The main instrument of this policy was the significant development of a mild monetary policy and interventionist measures aimed at forcing the restructuring processes of heavily indebted enterprises and stopping the decline in lending by commercial banks. As part of the pro-development activities of the state intervention, the Federal Reserve Bank applied a mild monetary policy of low interest rates and a program for activating lending and maintaining liquidity in the financial system by financing the purchase from commercial banks of the most endangered assets. A few years later, the European Central Bank applied the same activities of activation monetary policy. The functioning of the financial system will not be fully corrected as long as there will be a message in the media encouraging the banks that the global financial crisis is primarily attributable to the Federal Reserve Bank in the USA. In many para-documentary films, which, as a para-scientific explanation and education of citizens, promote the philosophy of combining deregulation of financial markets with the development of a free market, and attempts to regulate markets are trying to implement the principles of real socialism, a system quite different from that considered an ultramarine US economy.


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