Beschreibung:
The Federal Reserve System is a model of an independent central bank, with the authority to resist political pressure and act in the long-term best economic interest of the country. But this has not always been the case. In the past—and not too distant past at that—US monetary policy has frequently yielded to other governmental requirements. Even for the modern Federal Reserve, independence is a nuanced, mutable and, ultimately, fragile concept, but one that is essential to maintain.. This Economic Commentary is a short version of: “Independence within—not of—Government: The Emergence of the Federal Reserve as a Modern Central Bank,” Owen F. Humpage, 2014. Federal Reserve Bank of Cleveland, working paper no. 14-02. That paper contains a complete set of references and figures.