A52 ENDNOTES
- John Maynard Keynes, General Theory of Employment, Inter-
est and Money (1936; repr. New York: Macmillan, 2007). - These fi gures come from the Congressional Budget Offi ce,
“Historical Budget Data,” http://www.cbo.gov (accessed 4/18/08). - Offi ce of Management and Budget, “Budget of the United
States Government, fi scal year 2011,” http://www.whitehouse.gov/
omb/budget/Overview/ (accessed 2/16/10). - Board of Governors of the Federal Reserve System, The Fed-
eral Reserve System: Purposes and Functions, 9th ed., Wash-
ington, DC, June 2005, http://www.federalreserve.gov/pf/pdf/pf_1
.pdf, p. 12 (accessed 9/24/12). - Milton Friedman, “The Quantity Theory of Money: A Restate-
ment,” in The Optimum Quantity of Money and Other Essays
(Chicago: Aldine, 1969), p. 52. - In reality, under the Monetary Control Act (MCA) of 1980,
the reserve requirement can range from 8 percent to 14 per-
cent for all demand deposits greater than $25 million. In the
original law, banks with demand deposits under $25 million
had to have a reserve of only 3 percent. The amount that is
subject to the lower reserve requirement is increased every
year to refl ect overall money supply and currently is about
$71 million. See Board of Governors of the Federal Reserve
System, “Reserve Requirement,” http://www.federal reserve.gov/
monetarypolicy/reservereq.htm#table1 (accessed 2/7/12). - In December 2002, the discount rate was eff ectively discontin-
ued as an active policy tool and was pegged to 1 percent above
the targeted FFR (which means that the “discount rate” is oddly
named—it really should be called the “premium rate”). Decem-
ber 2002 Federal Reserve Bulletin (pp. 482–83). For an extended
discussion of this move see Donald D. Hester, “U.S. Monetary
Policy in the Greenspan Era: 1987–2003,” unpublished paper,
University of Wisconsin, Madison, November 14, 2003, http://
ideas.repec.org/p/att/wimass/200323.html (accessed 8/10/08). - Board of Governors of the Federal Reserve System, Credit and
Liquidity Programs and the Balance Sheet, http://www.federalreserve
.gov/monetarypolicy/bst_recenttrends.htm (accessed 2/16/10). - See Federal Research Board, “Membership of the Board of
Governors of the Federal Reserve System, 1914,” http://www.fed-
eralreserve.gov/bios/boardmembership.htm, for a list of all
Federal Reserve Board members (accessed 8/5/08). - Edward R. Tufte, Political Control of the Economy (Princeton,
NJ: Princeton University Press, 1978); Douglas Hibbs, “The
Partisan Model of Macroeconomic Cycles: More Theory and
Evidence for the United States,” Economics and Politics 6
(1994): 1–23. - Jim Granato, “The Eff ect of Policy-Maker Reputation and
Credibility on Public Expectations,” Journal of Theoretical
Politics 8 (1996): 449–70; Irwin L. Morris, Congress, the Presi-
dent, and the Federal Reserve: The Politics of American Mone-
tary Policy-Making (Ann Arbor: University of Michigan Press,
2000). - John B. Taylor, Economics, 4th ed. (New York: Houghton Mif-
fl in, 2003), Chapter 10. Some economics textbooks also defi ne
regulation of externalities, such as pollution, as economic
regulation. - Fernanda Santos, “Arizona Immigration Law Survives Rul-
ing,” New York Times, September 6, 2012, http://www.nytimes
.com/2012/09/07/us/key-element-of-arizona-immigration
-law-survives-ruling.html?_r=0 (accessed 10/5/12). - “An Act Providing for the Collection of Data Relative to Traf-
fi c Stops,” Massachusetts state law, Chapter 228 of the Acts
of 2000, http://www.mass.gov/legis/laws/seslaw00/sl000228.htm
(accessed 7/22/08).
CHAPTER 14
- “Remarks by the President on the Economy in Osawatomie,
Kansas,” Osawatomie High School, Osawatomie, Kansas,
December 6, 2011, http://www.whitehouse.gov/the-press-offi ce/
2011/12/06/remarks-president-economy-osawatomie-kansas
(accessed 2/10/12). - “Tales of the 1040s,” Washington Post, January 23, 2012, www
.washingtonpost.com/politics/tales-of-the-1040s/2012/
01/23/gIQA83IRMQ_graphic.html (accessed 2/13/12). - John Berlau and Trey Kovacs, “Romney and the Burden of
Double Taxation,” Wall Street Journal, January 24, 2012,
online.wsj.com/article/SB1000142405297020371850457717
8831519223426.html (accessed 2/14/12). - See William T. Bianco, Trust: Representatives and Constitu-
ents (Ann Arbor: University of Michigan Press, 1994), Chapter
6, for a discussion of the repeal of the Catastrophic Coverage
Act. - James Q. Wilson, Bureaucracy: What Government Agencies
Do and Why They Do It (New York: Basic Books, 1989). - The classic work on the appropriations process in the prereform
era is Richard Fenno’s The Power of the Purse: Appropriation
Politics in Congress (Boston: Little, Brown, 1966). D. Roderick
Kiewiet and Mathew D. McCubbins reexamine the appropria-
tions process in the postreform era and fi nd that the appropria-
tions committees have maintained much of their power; see
The Logic of Delegation: Congressional Parties and the Appro-
priations Process (Chicago: University of Chicago Press, 1991). - See Charles M. Cameron, Veto Bargaining: Presidents and the
Politics of Negative Power (New York: Cambridge University
Press, 2000), for a general discussion of the strategic elements
of issuing veto threats. - Joe Soss, Unwanted Claims: The Politics of Participation in
the U.S. Welfare System (Ann Arbor: University of Michigan
Press, 2000). - Daniel P. Carpenter, The Forging of Bureaucratic Autonomy:
Reputations, Networks, and Policy Innovation in Executive
Agencies, 1862–1928 (Prince ton, N.J.: Princeton University
Press, 2001). - U.S. Department of the Treasury, “Duties and Functions,”
http://www.treasury.gov/education/duties (accessed 8/5/08). - U.S. Department of the Treasury, “FAQs: Currency: Production
and Circulation,” http://www.treasury.gov/education/faq /currency/
production.shtml; United States Mint, “Coin Production Figures,”
http://www.usmint.gov/about_the_mint/coin_produciton/index
.cfm?action=production_fi gures (accessed 8/5/08).