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
Associate Professor of Economics, Troy University
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To speak with a scholar or learn more on this topic, visit our contact page.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.
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