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Gerald Epstein and Juliet B. Schor

In 1913, The Federal Reserve Act established the Federal Reserve System as an independent central bank. The Federal Reserve's autonomy was overridden during the Second World War when the Federal Reserve agreed to maintain fixed interest rates on long-term government bonds and limit fluctuations in short-term interest rates. This agreement effectively meant that the Federal Reserve came to be dominated by the Treasury Department and, as a result, fiscal policy dominated monetary policy. More important, the World War II agreement meant that elected government officials, rather than the unelected members of the Federal Reserve System, controlled monetary policy for the first time in the history of the Federal Reserve. An unprecedented experiment in democratic, rather than banker, control of monetary policy was about to begin.

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Gerald Epstein and Juliet B. Schor

Current debates over international coordination of macroeconomic policy pose interesting conundrums for our understanding of domestic monetary policy. For a number of years the United States has been exerting pressure on Japan and West Germany to pursue an easier monetary policy, and particularly in the case of the West Germans the United States has been unsuccessful. German officials cite fear of inflation as their rationale for a restrictive policy. Yet, last year, consumer prices fell in West Germany, casting suspicion on either the sincerity or wisdom of the German government's stance.

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Gerald Epstein and Juliet B. Schor

The golden age was the era of demand management. Originally with monetary, and then fiscal policy, the governments of the advanced capitalist economies attempted to enhance and guide this accumulation process. The six countries which we consider in this chapter (France, Germany, Italy, Japan, United Kingdom, United States) differed in their conduct of macroeconomic policy. In the three Continental countries and Japan, policy was aimed at maximizing the rate of accumulation. Monetary and discretionary fiscal policy was therefore systematically expansionary, notwithstanding the absence of an intellectual commitment to the Keynesianism in these countries. In the United States and the United Kingdom, policy was markedly less expansionary.

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Juliet B. Schor and Connor J. Fitzmaurice

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Reducing growth to achieve environmental sustainability: the role of work hours

Explorations in the Tradition of Thomas E. Weisskopf

Kyle Knight, Eugene A. Rosa and Juliet B. Schor