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The Myth of Independence: How Congress Governs the Federal Reserve

really liked it 4.00  ·  Rating details ·  13 ratings  ·  4 reviews
Born out of crisis a century ago, the Federal Reserve has become the most powerful macroeconomic policymaker and financial regulator in the world. The Myth of Independence traces the Fed's transformation from a weak, secretive, and decentralized institution in 1913 to a remarkably transparent central bank a century later. Offering a unique account of Congress's role in ste ...more
Hardcover, 296 pages
Published September 5th 2017 by Princeton University Press
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Frank Stein
Nov 28, 2017 rated it really liked it
This is a well done overview of the Federal Reserve's relationship to Congress over the Fed's 100 year history. The authors show that Congressional politics helped determine the layout of Federal Reserve districts and the placement of Federal Reserve Banks, which were especially overrepresented in the South, and that the location of those banks later created local political supporters who defended the Federal Reserve in Congress (again and again). Although the Federal Reserve often kowtowed to t ...more
Ryan
Jun 25, 2019 rated it liked it
This book is a sort of history of the Fed with a focus on the political forces that have driven its evolution. Relative to other histories of the Fed, this one has more quantitative analysis of the drivers of Fed-related legislative outcomes, with varying degrees of persuasiveness (pretty small samples and a lot of discretion in operationalizing variables). But the broader point of the book is in the title: the authors argue that the notion of a independent Fed is a "myth" because Congress and t ...more
Matthew
Mar 17, 2018 rated it really liked it
If you want to understand the history of the Federal Reserve and particularly the Fed's place in politics, this book gives a very good overview.
Jessica
Aug 14, 2020 rated it really liked it
Fascinating look at the political economy of central banking.
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