IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/24199.html
   My bibliography  Save this paper

Back to the roots: On the origins of the Fed's independence

Author

Listed:
  • Farvaque, Etienne

Abstract

This note considers the foundations of the Federal Reserve Board's independence. Its origins are shown to reside in the American political philosophy, under which independence is an essential working condition for a perennial democracy.

Suggested Citation

  • Farvaque, Etienne, 2010. "Back to the roots: On the origins of the Fed's independence," MPRA Paper 24199, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:24199
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/24199/1/MPRA_paper_24199.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Timberlake, Richard H., 1993. "Monetary Policy in the United States," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226803845, November.
    2. Reagan, Michael D., 1961. "The Political Structure of the Federal Reserve System," American Political Science Review, Cambridge University Press, vol. 55(1), pages 64-76, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Corinne Aaron-Cureau & Hubert Kempf, 2006. "Bargaining over monetary policy in a monetary union and the case for appointing an independent central banker," Oxford Economic Papers, Oxford University Press, vol. 58(1), pages 1-27, January.
    2. Beckmann, Joscha & Belke, Ansgar & Dreger, Christian, 2017. "The relevance of international spillovers and asymmetric effects in the Taylor rule," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 162-170.
    3. Robert L. Hetzel, 2014. "The Real Bills Views of the Founders of the Fed," Economic Quarterly, Federal Reserve Bank of Richmond, issue 2Q, pages 159-181.
    4. Gary Pecquet & Clifford Thies, 2010. "Money in occupied New Orleans, 1862–1868: A test of Selgin’s “salvaging” of Gresham’s Law," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(2), pages 111-126, June.
    5. Michael D. Bordo & David C. Wheelock, 2010. "The promise and performance of the Federal Reserve as lender of last resort 1914-1933," Working Papers 2010-036, Federal Reserve Bank of St. Louis.
    6. Mark A. Wynne, 1999. "The European system of central banks," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q I, pages 2-14.
    7. Francisco Rodríguez, 2004. "Inequality, Redistribution, And Rent‐Seeking," Economics and Politics, Wiley Blackwell, vol. 16(3), pages 287-320, November.
    8. Paul D. Mueller, 2016. "Public and Private Institutions in the Federal Reserve," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 31(Fall 2016), pages 49-68.
    9. Joscha Beckmann & Ansgar Belke & Michael Kühl, 2009. "How Stable Are Monetary Models of the Dollar-Euro Exchange Rate?: A Time-Varying Coefficient Approach," Discussion Papers of DIW Berlin 944, DIW Berlin, German Institute for Economic Research.
    10. Lucy M. Goodhart, 2015. "Brave New World? Macro-prudential policy and the new political economy of the federal reserve," Review of International Political Economy, Taylor & Francis Journals, vol. 22(2), pages 280-310, April.
    11. Robert W. Dimand, 2013. "David Hume and Irving Fisher on the quantity theory of money in the long run and the short run," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(2), pages 284-304, April.
    12. Ronnie J. Phillips, 1994. "The Regulation and Supervision of Bank Holding Companies: A Historical Perspective," Economics Working Paper Archive wp_116, Levy Economics Institute.
    13. Laurent Le Maux, 2013. "The Payment System and Liquidity Provision during the US National Banking Era," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 55(3), pages 459-477, September.
    14. Lawrence H. White, 2008. "Did Hayek and Robbins Deepen the Great Depression?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(4), pages 751-768, June.
    15. repec:fip:fedreq:y:2012:i:2q:p:77-110:n:vol.98no.2 is not listed on IDEAS
    16. Geoffrey Brooke & Anthony Endres & Alan Rogers, 2018. "The Economists and Monetary Thought in Interwar New Zealand: The Gradual Emergence of Monetary Policy Activism," Working Papers 2018-09, Auckland University of Technology, Department of Economics.
    17. Per Hortlund, 2006. "In Defense of the Real Bills Doctrine," Econ Journal Watch, Econ Journal Watch, vol. 3(1), pages 73-87, January.
    18. Richard H. Timberlake Jr., 2014. "Clearing House Currency," Cato Journal, Cato Journal, Cato Institute, vol. 34(2), pages 303-314, Spring/Su.
    19. Tallman, Ellis W. & Moen, Jon R., 2012. "Liquidity creation without a central bank: Clearing house loan certificates in the banking panic of 1907," Journal of Financial Stability, Elsevier, vol. 8(4), pages 277-291.
    20. Neil Skaggs & Cheryl Wasserkrug, 1983. "Banking sector influence on the relationship of Congress to the Federal Reserve System," Public Choice, Springer, vol. 41(2), pages 295-306, January.
    21. Patrick Newman, 2016. "Expansionary Monetary Policy at the Federal Reserve in the 1920s," Advances in Austrian Economics, in: Studies in Austrian Macroeconomics, volume 20, pages 105-134, Emerald Group Publishing Limited.

    More about this item

    Keywords

    Federal Reserve Board; independence; constitution.;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:24199. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.