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Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State
Conclusion: Unelected Democrats: Citizens in Service, Not in Charge
monograph
Publication date:
December 31 2018
Publisher:
Princeton University Press
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Author and book information
Book Chapter
Publication date:
December 31 2018
Pages
: 546-568
DOI:
10.23943/9781400889518-026
SO-VID:
3f850183-2d34-4bf8-b07a-cb662c7698cd
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Book chapters
pp. i
Front Matter
pp. i
Frontmatter
pp. ix
Preface
pp. ix
PREFACE
pp. v
CONTENTS
pp. v
Table of Contents
pp. 1
Introduction:
pp. 1
1. Introduction: Power, Welfare, Incentives, Values
pp. 25
[PART I. Introduction]
pp. 27
The Evolution of the Administrative State
pp. 27
2. The Evolution of the Administrative State
pp. 48
3. The Purposes and Functional Modes of the Administrative State: Market Failure and Government Failure
pp. 48
The Purposes and Functional Modes of the Administrative State:
pp. 72
The Structure of the Administrative State:
pp. 72
4. The Structure of the Administrative State: A Hierarchy from Simple Agents to Trustees (and Guardians)
pp. 92
5. Principles for Whether to Delegate to Independent Agencies: Credible Commitment to Settled Goals
pp. 92
Principles for Whether to Delegate to Independent Agencies:
pp. 109
Design Precepts for How to Delegate to Independent Agencies
pp. 109
6. Design Precepts for How to Delegate to Independent Agencies
pp. 127
Applying the Principles for Delegation
pp. 127
7. Applying the Principles for Delegation
pp. 147
[PART II. Introduction]
pp. 173
8. Independent Agencies and Our Political Values and Beliefs (1): Rule of Law and Constitutionalism
pp. 173
Independent Agencies and Our Political Values and Beliefs (1):
pp. 195
9. Independent Agencies and Our Political Values and Beliefs (2): The Challenges to Delegation-with-Insulation Presented by Democracy
pp. 195
Independent Agencies and Our Political Values and Beliefs (2):
pp. 221
Credible Commitment versus Democracy:
pp. 221
10. Credible Commitment versus Democracy Agencies versus Judges
pp. 236
11. The Political-Values-and-Norms Robustness Test of the Principles for Delegation
pp. 236
The Political-Values-and-Norms Robustness Test of the Principles for Delegation
pp. 272
12. Insulated Agencies and Constitutionalism: Central Bank Independence Driven by the Separation of Powers but Not a Fourth Branch
pp. 272
Insulated Agencies and Constitutionalism:
pp. 293
[PART III. Introduction]
pp. 307
States’ Capacity for Principled Delegation to Deliver Credible Commitment
pp. 307
13. States’ Capacity for Principled Delegation to Deliver Credible Commitment
pp. 334
14. The Problem of Vague Objectives: A Nondelegation Doctrine for IAs
pp. 334
The Problem of Vague Objectives:
pp. 349
Processes, Transparency, and Accountability:
pp. 349
15. Processes, Transparency, and Accountability: Legal Constraints versus Political Oversight
pp. 378
16. The Limits of Design: Power, Emergencies, and Self- Restraint
pp. 378
The Limits of Design:
pp. 391
[PART IV. Introduction]
pp. 405
Central Banking and the Politics of Monetary Policy
pp. 405
17. Central Banking and The Politics of Monetary Policy
pp. 414
The Shift in Ideas:
pp. 414
18. The Shift in Ideas: Credibility as a Surprising Door to Legitimacy
pp. 426
Tempting the Gods:
pp. 426
19. Tempting the Gods: Monetary Regime Orthodoxy before the Crisis
pp. 438
20. A Money-Credit Constitution: Central Banks and Banking Stability
pp. 438
A Money-Credit Constitution:
pp. 461
Central Banking and the Regulatory State:
pp. 461
21. Central Banking and the Regulatory State: Stability Policy
pp. 482
22. Central Banking and the Fiscal State: Balance-Sheet Policy and the Fiscal Carve-Out
pp. 482
Central Banking and the Fiscal State:
pp. 503
23. Central Banks and the Emergency State: Lessons from Military/Civilian Relations for the Lender of Last Resort
pp. 503
Central Banks and the Emergency State:
pp. 525
24. Overmighty Citizens After All? Threats and Reconfigurations
pp. 525
Overmighty Citizens After All?
pp. 546
Conclusion:
pp. 546
Conclusion: Unelected Democrats: Citizens in Service, Not in Charge
pp. 569
Appendix: The Principles for Delegation to Independent Agencies Insulated from Day-to-Day Politics
pp. 569
APPENDIX:
pp. 573
ACKNOWLEDGMENTS
pp. 573
Acknowledgments
pp. 579
Bibliography
pp. 579
BIBLIOGRAPHY
pp. 611
INDEX
pp. 611
Index
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