Journal Article

Cooperation, Conflict, and the Emergence of a Modern Federal Reserve


Abstract: 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.

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File(s): File format is text/html https://doi.org/10.26509/frbc-ec-201407
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Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Economic Commentary

Publication Date: 2014

Issue: April

Order Number: 7