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Politics and the Fed

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  • Meltzer, Allan H.

Abstract

In the standard policy model, a policymaker optimizes the welfare of a representative agent. In practice, policies are chosen in a political process by agents elected by voters. Drawing on evidence from my two-volume history of the Federal Reserve, the paper reports many examples of decisions influenced by political pressures. The history shows that the meaning of the independence of the Federal Reserve changed over time reflecting political influences.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Monetary Economics.

Volume (Year): 58 (2011)
Issue (Month): 1 (January)
Pages: 39-48

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Handle: RePEc:eee:moneco:v:58:y:2011:i:1:p:39-48

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Web page: http://www.elsevier.com/locate/inca/505566

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Cited by:
  1. Michael Berlemann & Soeren Enkelmann & Torben Kuhlenkasper, 2013. "Unraveling the Relationship between Presidential Approval and the Economy - A Multi-Dimensional Semi-Parametric Approach," Working Paper Series in Economics 273, University of Lüneburg, Institute of Economics.

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