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Politics and the Fed

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  • Allan Meltzer

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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  • Allan Meltzer, "undated". "Politics and the Fed," GSIA Working Papers 2010-E30, Carnegie Mellon University, Tepper School of Business.
  • Handle: RePEc:cmu:gsiawp:-2026188177
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    File URL: https://student-3k.tepper.cmu.edu/gsiadoc/wp/2010-E30.pdf
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    1. repec:kap:revaec:v:30:y:2017:i:4:d:10.1007_s11138-017-0375-2 is not listed on IDEAS
    2. Michael Berlemann & Sören Enkelmann & Torben Kuhlenkasper, 2015. "Unraveling the Relationship Between Presidential Approval and the Economy: A Multidimensional Semiparametric Approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 30(3), pages 468-486, April.
    3. Lakdawala, Aeimit, 2016. "Changes in Federal Reserve preferences," Journal of Economic Dynamics and Control, Elsevier, vol. 70(C), pages 124-143.
    4. Simon Bilo & Richard Wagner, 2015. "Neutral money: Historical fact or analytical artifact?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 28(2), pages 139-150, June.

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