June, 2015

An Episodic History of Modern Fed Independence

  • Peter J. Boettke

    Director, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics
  • Daniel J. Smith

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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.

Read more at Independent.org.