Browsing by Autor "Juan Acosta"

Now showing 1 - 4 of 4

Book Review of 'Banks and Finance in Modern Macroeconomics' by Claudio Sardoni and Bruna Ingrao
(2021) Juan Acosta
Book Review of 'Banks and Finance in Modern Macroeconomics' by Claudio Sardoni and Bruna Ingrao, Northampton, MA, Edward Elgar, 2019, 288 pp.
Bruna Ingrao and Claudio Sardoni, Banks and Finance in Modern Macroeconomics: A Historical Perspective (Cheltenham: Edward Elgar, 2019), pp. 296, $145 (hardcover). ISBN: 9781786431523.
(Cambridge University Press, 2021) Juan Acosta
Bruna Ingrao and Claudio Sardoni, Banks and Finance in Modern Macroeconomics: A Historical Perspective (Cheltenham: Edward Elgar, 2019), pp. 296, $145 (hardcover). ISBN: 9781786431523. - Volume 43 Issue 2
THE TRANSFORMATION OF ECONOMIC ANALYSIS AT THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DURING THE 1960S
(Cambridge University Press, 2021) Juan Acosta; Béatrice Cherrier
In this paper, we build on data on officials of the Federal Reserve System, oral history repositories, and hitherto underresearched archival sources to unpack the tortuous path toward crafting an institutional and intellectual space for postwar economic analysis within the Board of Governors of the Federal Reserve System. We show that growing attention to new macroeconomic research was a reaction to both mounting external criticisms against the Fed’s decision-making process and the spread of new macroeconomic theories and econometric techniques. We argue that the rise of the number of PhD economists working at the Fed is a symptom rather than a cause of this transformation. Key to our story are a handful of economists from the Board of Governors’ Division of Research and Statistics (DRS) who did not hold a PhD but envisioned their role as going beyond mere data accumulation and got involved in large-scale macroeconometric model building. We conclude that the divide between PhD and non-PhD economists may not be fully relevant to understand both the shift in the type of economics practiced at the Fed and the uses of this knowledge in the decision-making process. Equally important was the rift between different styles of economic analysis.
THE TRANSFORMATION OF ECONOMIC ANALYSIS AT THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DURING THE 1960S
(2020) Juan Acosta; Béatrice Cherrier
In this paper, we build on data on officials of the Federal Reserve System, oral history repositories, and hitherto under-researched archival sources to unpack the tortuous path toward crafting an institutional and intellectual space for postwar economic analysis within the Board of Governors. We show that growing attention to new macroeconomic research was a reaction to both mounting external criticisms against the Fed’s decision-making process, and to the spread of new macroeconomic theories and econometric techniques. We argue that the rise of the number of PhD economists working at the Fed is a symptom rather than a cause of this transformation. Key to our story are a handful of economists from the Board of Governors’ Division of Research and Statistics (DRS) who did not hold a PhD but envisioned their role as going beyond mere data accumulation and got involved in large-scale macroeconometric model building. We conclude that the divide between PhD and non-PhD economists may not be fully relevant to understand both the shift in the typeof economics practiced at the Fed and the uses of this knowledge in the decision making-process. Equally important was the rift between different styles of economicanalysis.