Congress passed the Depository Institutions Deregulation and Monetary Control Act of 1980, and the Garn-St.
On October 6, 2008, the Fed blew up its own monetary control system by starting to pay interest on bank reserves (IOR).
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For economists such as Robert Mundell and others, who saw huge benefits in shared currencies but had despaired of politicians giving up monetary control, the euro is an exciting experiment.
"The BOJ's commitment to adopt 'monetary base control' clearly is a strong message to the markets about enhancement of the monetary policy, in terms of both working on asset prices and controlling market inflation expectations, " Nishioka added.
In short, having lost their ability to control their monetary policy, voters may have to lose control over their fiscal policies as well.
The ban will take effect in about 90 days and it is part of a broader effort to control monetary flows within the country.
Finally, the Fed is laying the groundwork for the next financial crisis, with out of control monetary policies creating a ticking inflation time bomb, and the resulting contractionary monetary tightening when the Fed decides the inflation is getting out of hand.
Inflation was believed to be driven largely by non-monetary factors, and most people believed that if you tried to control inflation using monetary policy, the primary effect would be to throw a lot of people out of work.
This election will test whether there is a political price to be paid for the economically impeccable decision to hand control of monetary policy to an independent central bank.
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Interest rate fluctuation has worked to make money artificially cheap in certain periods since the Fed inherited total control of monetary policy in 1971 after the dollar was delinked from gold.
Much as we love to criticize the governmental entities that control the monetary system, it does help to have some human judgment (armed with a checkbook) involved to deal with crises.
The single currency has deprived its members of any independent control over monetary policy or the exchange rate, so the burden of any necessary response to a recession falls more on fiscal policy.
Even if Britons could be sold on the narrower issue of economic benefit, they are more likely than most Europeans to see national control over monetary policy as indivisible from other kinds of sovereignty.
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That he is prepared to contemplate such a significant weakening of the concept of price stability suggests that Mr. King fears politicians are already well on their way to "repatriating" control over monetary policy.
Even so, China could still introduce some flexibility into its exchange rate, and so regain control of monetary policy, by adopting a wider band or by pegging to a currency basket rather than just to the dollar.
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The best thing this chancellor of the exchequer did and most likely ever will do was his very first act as finance minister: he gave the Bank of England a huge piece of his job, in the form of operational control of monetary policy.
Gordon Brown's New Deal, his Working Families Tax Credit and perhaps even his decision to give the Bank of England independent control of monetary policy owe a good deal to ideas the chancellor and his economic adviser, Ed Balls, picked up and kicked about in Washington and Harvard.
So China may eventually have to revalue the yuan to regain control of its monetary growth.
To regain control over its monetary policy, China needs a more flexible exchange rate.
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The move by the commodity-consuming juggernaut China was not a big surprise, as its monetary officials are working to control inflation by curtailing domestic consumption.
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It would also give China more control over its monetary policy.
Ironically, Brown has been credited with much of the success of Britain under Blair: a stable economy, low unemployment and a monetary policy free of political control.
It would help China regain control of its monetary policy.
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Nor does it take into account the Scottish government's proposal that Scotland should use the pound, but at least majority control of its monetary policy should be in London.
None of them could possibly gauge the gains that the currency might bring through the simplification of transactions against the future losses Denmark might suffer from losing control of its monetary policy.
After almost 18 years in office, the monetary maestro seems to have lost control over these members of his orchestra.
Being in control of your own monetary and fiscal policies is, as Southern Europe is now showing us, really a rather good idea.
The bill for payroll and pensions has risen far faster than inflation in recent years, with the task of keeping inflation under control left entirely to monetary policy.
By allowing their exchange rates to rise and fall as capital flows wax and wane, emerging economies should be able to keep a measure of control over their domestic monetary conditions.
For one, the Chinese government, unlike those in the large developed economies, has full control of all the monetary and fiscal levers and has proven to be particularly adept at pulling on them.
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