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The Federal Reserve System's Influence on Research in Monetary Economics

Author

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  • Lawrence H. White

Abstract

The Federal Reserve System is a major sponsor of monetary economics research by American economists. I provide some measures of the size of the Fed’s research program (both inputs and published outputs) and consider how the Fed’s sponsorship may directly and indirectly influence the character of academic research in monetary economics. In particular, I raise the issue of status quo bias in the Fed-sponsored research.

Suggested Citation

  • Lawrence H. White, 2005. "The Federal Reserve System's Influence on Research in Monetary Economics," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 325-354, August.
    • Handle: RePEc:ejw:journl:v:2:y:2005:i:2:p:325-354
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    Citations

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    Cited by:

    1. Rachel Geoffroy & Heemin Lee, 2021. "The Role of Academic Research in SEC Rulemaking: Evidence from Business Roundtable v. SEC," Journal of Accounting Research, Wiley Blackwell, vol. 59(2), pages 375-435, May.
    2. Roger Koppl & William Luther, 2012. "Hayek, Keynes, and modern macroeconomics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(3), pages 223-241, September.
    3. Salter, Alexander W. & Smith, Daniel J., 2019. "Political economists or political economists? The role of political environments in the formation of fed policy under burns, Greenspan, and Bernanke," The Quarterly Review of Economics and Finance, Elsevier, vol. 71(C), pages 1-13.
    4. Thomas L. Hogan, Daniel J. Smith, Robin Aguiar-Hicks, 2018. "Central Banking without Romance," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 15(2), pages 293-314, December.
    5. Karl‐Friedrich Israel, 2021. "The fiat money illusion: On the cost‐efficiency of modern central banking," The World Economy, Wiley Blackwell, vol. 44(6), pages 1701-1719, June.
    6. Rep. Gerald P. O'Driscoll Jr., 2014. "Prospects for Fundamental Monetary Reform," Cato Journal, Cato Journal, Cato Institute, vol. 34(2), pages 395-405, Spring/Su.
    7. Peter J. Boettke & Alexander W. Salter & Daniel J. Smith, 2018. "Money as meta-rule: Buchanan’s constitutional economics as a foundation for monetary stability," Public Choice, Springer, vol. 176(3), pages 529-555, September.
    8. Daniel J. Smith, 2023. "Austrian economics as a relevant research program," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(4), pages 501-514, December.
    9. Cargill, Thomas, 2016. "The Myth of Central Bank Independence," Working Papers 06813, George Mason University, Mercatus Center.
    10. Alexander W. Salter & William J. Luther, 2019. "Adaptation and central banking," Public Choice, Springer, vol. 180(3), pages 243-256, September.
    11. Diana W. Thomas & Michael D. Thomas, 2020. "Behavioral symmetry, rent seeking, and the Republic of Science," Public Choice, Springer, vol. 183(3), pages 443-459, June.
    12. Cargill, Thomas F. & Pingle, Mark, 2019. "Federal Reserve policy and housing: A goal too far," Economic Analysis and Policy, Elsevier, vol. 62(C), pages 150-158.

    More about this item

    Keywords

    monetary economics; central bank;

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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    1. Lawrence H. White in Wikipedia Spanish

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