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Federal Reserve Independence: Reality or Myth?

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  • Thomas F. Cargill
  • Gerald P. O'Driscoll Jr.

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Suggested Citation

  • Thomas F. Cargill & Gerald P. O'Driscoll Jr., 2013. "Federal Reserve Independence: Reality or Myth?," Cato Journal, Cato Journal, Cato Institute, vol. 33(3), pages 417-435, Fall.
  • Handle: RePEc:cto:journl:v:33:y:2013:i:3:p:417-435
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    References listed on IDEAS

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    1. repec:ucp:bkecon:9780226519999 is not listed on IDEAS
    2. Issing, Otmar, 2012. "Central banks: Paradise lost," CFS Working Paper Series 2012/06, Center for Financial Studies (CFS).
    3. Charles T Carlstrom & Timothy S Fuerst, 2009. "Central Bank Independence And Inflation: A Note," Economic Inquiry, Western Economic Association International, vol. 47(1), pages 182-186, January.
    4. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-398, September.
    5. Oatley, Thomas, 1999. "Central Bank Independence and Inflation: Corporatism, Partisanship, and Alternative Indices of Central Bank Independence," Public Choice, Springer, vol. 98(3-4), pages 399-413, March.
    6. Alex Cukierman, 1992. "Central Bank Strategy, Credibility, and Independence: Theory and Evidence," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031981, January.
    7. Marta Campillo & Jeffrey A. Miron, 1997. "Why Does Inflation Differ across Countries?," NBER Chapters,in: Reducing Inflation: Motivation and Strategy, pages 335-362 National Bureau of Economic Research, Inc.
    8. Milton Friedman, 1961. "The Lag in Effect of Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 69, pages 447-447.
    9. Otmar Issing, 2012. "Central Banks - Paradise Lost," IMES Discussion Paper Series 12-E-10, Institute for Monetary and Economic Studies, Bank of Japan.
    10. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-162, May.
    11. Marvin Goodfriend, 2012. "The Elusive Promise of Independent Central Banking," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 30, pages 39-54, November.
    12. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, June.
    13. Hiroshi Fujiki, 1996. "Central Bank Independence Indexes in Economic Analysis: A Reappraisal," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 14(2), pages 79-101, December.
    14. Otmar Issing, 2012. "The Mayekawa Lecture: Central Banks-Paradise Lost," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 30, pages 55-74, November.
    15. Jeffrey M. Lacker, 2012. "Understanding the Interventionist Impulse of the Modern Central Bank," Cato Journal, Cato Journal, Cato Institute, vol. 32(2), pages 247-253, Spring/Su.
    16. G. J. Santoni, 1986. "The Employment Act of 1946: some history notes," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 5-16.
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    Cited by:

    1. repec:kap:revaec:v:30:y:2017:i:4:d:10.1007_s11138-017-0375-2 is not listed on IDEAS
    2. Gerald P. O'Driscoll Jr., 2015. "A Private Committee for Monetary Reform: Process and Substance," Cato Journal, Cato Journal, Cato Institute, vol. 35(2), pages 331-345, Spring/Su.
    3. Jerry L. Jordan, 2014. "A Century of Central Banking: What Have We Learned?," Cato Journal, Cato Journal, Cato Institute, vol. 34(2), pages 213-227, Spring/Su.
    4. George C. Bitros, 2015. "Thinking Ahead of the Next Big Crash," Cato Journal, Cato Journal, Cato Institute, vol. 35(1), pages 67-93, Winter.
    5. Rep. Gerald P. O'Driscoll Jr., 2014. "Prospects for Fundamental Monetary Reform," Cato Journal, Cato Journal, Cato Institute, vol. 34(2), pages 395-405, Spring/Su.
    6. repec:spr:empeco:v:54:y:2018:i:2:d:10.1007_s00181-016-1225-y is not listed on IDEAS
    7. George Selgin, 2014. "Operation Twist-the-Truth: How the Federal Reserve Misrepresents Its History and Performance," Cato Journal, Cato Journal, Cato Institute, vol. 34(2), pages 229-263, Spring/Su.
    8. Lawrence H. White, 2015. "The Federal Reserve System's Overreach into Credit Allocation," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 30(Winter 20), pages 17-29.
    9. Alexander Salter, 2014. "Is there a self-enforcing monetary constitution?," Constitutional Political Economy, Springer, vol. 25(3), pages 280-300, September.

    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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