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Presidential Politics and Monetary Policy: Lessons from the 1896 Election

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  • Scott L. Fulford
  • Karl Rhodes
  • Felipe Schwartzman

Abstract

The U.S. presidential election of 1896 provides an excellent natural experiment to measure the impact of exchange-rate uncertainty on bank balance sheets and the broader economy. The evidence suggests that the election's contentious free-silver debate significantly constrained banking activity and real economic activity by creating greater uncertainty about U.S. commitment to the gold standard. This finding reinforces the modern-day wisdom of insulating monetary policy from politics.

Suggested Citation

  • Scott L. Fulford & Karl Rhodes & Felipe Schwartzman, 2020. "Presidential Politics and Monetary Policy: Lessons from the 1896 Election," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue 20-02, pages 1-5, February.
    • Handle: RePEc:fip:fedreb:88291
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    File URL: https://www.richmondfed.org/publications/research/economic_brief/2020/eb_20-02
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    Keywords

    presidential elections; monetary policy;

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