IDEAS home Printed from https://ideas.repec.org/a/kap/pubcho/v45y1985i2p175-191.html
   My bibliography  Save this article

Research activities and budget allocations among Federal Reserve Banks

Author

Listed:
  • Eugenia Toma
  • Mark Toma

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

Suggested Citation

  • Eugenia Toma & Mark Toma, 1985. "Research activities and budget allocations among Federal Reserve Banks," Public Choice, Springer, vol. 45(2), pages 175-191, January.
    • Handle: RePEc:kap:pubcho:v:45:y:1985:i:2:p:175-191
    DOI: 10.1007/BF00215063
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/BF00215063
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/BF00215063?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Milton Friedman, 2013. "Homer Jones: A Personal Reminiscence," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 451-454.
    2. Toma, Mark, 1982. "Inflationary bias of the Federal Reserve System : A bureaucratic perspective," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 163-190.
    3. Breton, Albert & Wintrobe, Ronald, 1975. "The Equilibrium Size of a Budget-maximizing Bureau: A Note on Niskanen's Theory of Bureaucracy," Journal of Political Economy, University of Chicago Press, vol. 83(1), pages 195-207, February.
    4. Niskanen, William A, 1975. "Bureaucrats and Politicians," Journal of Law and Economics, University of Chicago Press, vol. 18(3), pages 617-643, December.
    5. Acheson, Keith & Chant, John F, 1973. "Bureaucratic Theory and the Choice of Central Bank Goals," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 5(2), pages 637-655, May.
    6. Shughart, William F, II & Tollison, Robert D, 1983. "Preliminary Evidence on the Use of Inputs by the Federal Reserve System," American Economic Review, American Economic Association, vol. 73(3), pages 291-304, June.
    7. repec:bla:kyklos:v:26:y:1973:i:2:p:362-79 is not listed on IDEAS
    8. John Chant & Keith Acheson, 1972. "The choice of monetary instruments and the theory of bureaucracy," Public Choice, Springer, vol. 12(1), pages 13-33, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. John Lott, 1987. "Externalities, agency structure, and the level of transfers," Public Choice, Springer, vol. 53(3), pages 285-287, January.
    2. 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.
    3. Alexander W. Salter & William J. Luther, 2019. "Adaptation and central banking," Public Choice, Springer, vol. 180(3), pages 243-256, September.
    4. Eugenia Toma & Mark Toma, 1985. "Research activities and budget allocations among Federal Reserve Banks: Reply," Public Choice, Springer, vol. 45(2), pages 197-198, January.
    5. Edward J. Kane, 1982. "Selecting monetary targets in a changing financial environment," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 181-222.
    6. Robert D. Auerbach, 1991. "Institutional Preservation At The Federal Reserve," Contemporary Economic Policy, Western Economic Association International, vol. 9(3), pages 46-58, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Robert D. Auerbach, 1991. "Institutional Preservation At The Federal Reserve," Contemporary Economic Policy, Western Economic Association International, vol. 9(3), pages 46-58, July.
    2. Gary Anderson & William Shughart & Robert Tollison, 1988. "A public choice theory of the great contraction," Public Choice, Springer, vol. 59(1), pages 3-23, October.
    3. Kim, Iljoong & Kim, Inbae, 2007. "Endogenous selection of monetary institutions: With the case of discount windows and bureaucratic discretion," International Review of Law and Economics, Elsevier, vol. 27(3), pages 330-350, September.
    4. Josh Ryan-Collins, 2015. "Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75," Economics Working Paper Archive wp_848, Levy Economics Institute.
    5. Wm. Mounts & Clifford Sowell & James Lindley, 1985. "Rent-seeking over time: The continuity of capture," Public Choice, Springer, vol. 46(1), pages 87-94, January.
    6. Samarth Vaidya, 2004. "Bureaucratic Provision: Influencing vs. Lying," Econometric Society 2004 Australasian Meetings 251, Econometric Society.
    7. Alexander W. Salter & William J. Luther, 2019. "Adaptation and central banking," Public Choice, Springer, vol. 180(3), pages 243-256, September.
    8. Rob McGregor, 2007. "Federal Reserve transparency: The more things change, the more they stay the same?," Public Choice, Springer, vol. 133(3), pages 269-273, December.
    9. Vaubel, Roland, 1997. "The bureaucratic and partisan behavior of independent central banks: German and international evidence," European Journal of Political Economy, Elsevier, vol. 13(2), pages 201-224, May.
    10. Michael D. Bordo, 1989. "The Contribution of "A Monetary History of the United States, 1867-1960" to Monetary History," NBER Chapters, in: Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, pages 15-78, National Bureau of Economic Research, Inc.
    11. Thomas McGuire & Michael Coiner & Larry Spancake, 1979. "Budget-maximizing agencies and efficiency in government," Public Choice, Springer, vol. 34(3), pages 333-357, September.
    12. Sechindra Vallury & Bryan Leonard, 2022. "Canals, climate, and corruption: The provisioning of public infrastructure under uncertainty," Economics and Politics, Wiley Blackwell, vol. 34(1), pages 221-252, March.
    13. William J. Boyes & William Stewart Mounts JR & Clifford Sowell, 1998. "Monetary and Fiscal Constitutions and the Bureaucratic Behavior of the Federal Reserve," Public Finance Review, , vol. 26(6), pages 548-564, November.
    14. Caporale, Tony & Grier, Kevin B, 1998. "A Political Model of Monetary Policy with Application to the Real Fed Funds Rate," Journal of Law and Economics, University of Chicago Press, vol. 41(2), pages 409-428, October.
    15. Balaguer-Coll, Maria Teresa & Prior, Diego & Tortosa-Ausina, Emili, 2007. "On the determinants of local government performance: A two-stage nonparametric approach," European Economic Review, Elsevier, vol. 51(2), pages 425-451, February.
    16. Samarth Vaidya, 2009. "Influencing The Public And Efficiency In Bureaucratic Provision," Pacific Economic Review, Wiley Blackwell, vol. 14(2), pages 259-274, May.
    17. 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.
    18. Rosen Valchev & Antony Davies, 2009. "Transparency, Performance, and Agency Budgets: A Rational Expectations Modeling Approach," Working Papers 2009-004, The George Washington University, Department of Economics, H. O. Stekler Research Program on Forecasting.
    19. Mark Toma & Eugenia Toma, 1980. "Bureaucratic responses to tax limitation amendments," Public Choice, Springer, vol. 35(3), pages 333-348, January.
    20. James Forder, 2002. "Interests and 'Independence': The European Central Bank and the theory of bureaucracy," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(1), pages 51-69.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:pubcho:v:45:y:1985:i:2:p:175-191. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.