Monetary Policy Arithmetic: Some Recent Contributions
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The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).
History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.
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1898–present
Historical Names
- Department of Economic Science (1898–1910)
- Department of Economics and Political Science (1910-1913)
- Department of Applied Economics and Social Science (1913–1924)
- Department of Economics, History and Sociology (1924–1931)
- Department of Economics and Sociology (1931–1967)
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- College of Agricultural and Life Sciences (parent college)
- College of Liberal Arts and Sciences (parent college)
- College of Business (parent college)
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Abstract
Standard undergraduate textbooks often cast monetary policy and fiscal policy as separable undertakings. Such a split does seems natural; after all, the players involved are different entities. In the United States, for instance, monetary policy decisions are made by the Federal Reserve, while fiscal policies come under the purview of the federal government. A direct consequence of this “split personality” view of policy action is that it gives monetary policy sole authority over short-term nominal interest rates and/or money growth rates, while fiscal policy gets the final say on tax rates and transfer payment schedules. Indeed, in the monetarist– Keynesian debate, this separatist tradition asks which class of policies is more effective at managing economic activity.
Comments
This article is published as Monetary Policy Arithmetic: Some Recent Contributions (with J. Haslag); Federal Reserve Bank of Dallas Economic and Financial Review, 3rd qtr, 26-36, 1999.