May, 2019

Political Economy of the Fed’s Unconventional Monetary and Credit Policies

  • Lawrence H. White

    Distinguished Senior Fellow, F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics
  • Scott A. Burns

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Most textbooks and professional literature on monetary policy assume that the Federal Reserve seeks only to promote the public interest. Many of the Fed’s actions over the past decade, particularly those actions that show signs of favoritism to particular firms, however, are difficult to square with that assumption.