Despite many steps taken to ensure its independence, the Federal Reserve still succumbs to political pressures. This pessimistic conclusion is consistent with both empirical studies and an anecdotal analysis of the tenure of each modern Fed chairperson from William Martin to Ben Bernanke.
An Episodic History of Modern Fed Independence
By Peter J. Boettke
This
article
appeared in
the Summer 2015 issue of The Independent Review.
Other Independent Review articles by Peter J. Boettke | ||
Winter 2022/23 | Mont Pèlerin 1947: Transcripts of the Founding Meeting of the Mont Pèlerin Society | |
Summer 2022 | Academic Entrepreneurship in Sometimes Hostile Environments: James Buchanan and the Virginia School of Political Economy | |
Spring 2022 | Albert O. Hirschman: An Intellectual Biography | |
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