Myth of Independence - How Congress Governs the Federal Reserve

"This book examines the interrelationship between Congress and the Federal Reserve over time, analyzing the congressional politics of the Federal Reserve's founding in 1913 and its subsequent institutional development through the aftermath of the 2008 financial crisis. Binder and Spindel incorporate a wealth of systematic data into their historical narrative."--Frances E. Lee, University of Maryland
"With persuasive evidence, The Myth of Independence looks at how the structure and behavior of the Fed is shaped in fundamental ways by Congress. This book is an important and interesting contribution to the study of the American political economy."--Nolan McCarty, Princeton University

About the author

Sarah Binder & Mark Spindel

Summary

An in-depth look at how politics and economics shape the relationship between Congress and the Federal Reserve

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 marshals archival sources, interviews, and statistical analyses to trace 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 steering this evolution, Sarah Binder and Mark Spindel explore the Fed’s past, present, and future and challenge the myth of its independence.

Additional text

"One of Project Syndicate’s Best Reads in 2017 (chosen by Koichi Hamada)"

Product details

• Authors: Sarah Binder, Sarah A. Binder, Sarah A. Spindel Binder, Sarah Spindel Binder, Mark Spindel
• Publisher: Princeton University Press
• Languages: English
• Product format: Paperback / Softback
• Released: 31.07.2019
• EAN: 9780691191591
• ISBN: 978-0-691-19159-1
• No. of pages: 304
• Subjects: Social sciences, law, business > Business > Management; USA, BUSINESS & ECONOMICS / Money & Monetary Policy, BUSINESS & ECONOMICS / Economic History, Banking, POLITICAL SCIENCE / Public Policy / Economic Policy, POLITICAL SCIENCE / American Government / General, HISTORY / United States / General, Economic history, Political Economy, United States of America, USA, Politics and government, History of the Americas, Monetary Economics, Central / national / federal government policies, Central government policies