Politics and the Fed
Allan Meltzer ()
Journal of Monetary Economics, 2011, vol. 58, issue 1, pages 39-48
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.
References: View complete reference list from CitEc
Citations View citations in EconPapers (4) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: Politics and the Fed
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:eee:moneco:v:58:y:2011:i:1:p:39-48
Access Statistics for this article
Journal of Monetary Economics is currently edited by R. G. King and C. I. Plosser
More articles in Journal of Monetary Economics from Elsevier
Series data maintained by Shamier, Wendy ().