Date of Original Version

7-2010

Type

Article

Abstract or Description

In the standard policy model, a policymaker optimizes the welfare of a representative agent. In 8 practice, policies are chosen in a political process by agents elected by voters. Drawing on 9 evidence from my two-volume History of the Federal Reserve, the paper reports many examples 10 of decisions influenced by political pressures. The History shows that the meaning of the 11 independence of the Federal Reserve changed over time reflecting political influences

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Published In

Journal of Monetary Economics , 58, 1, 39-48.