A Primer On The Federal Reserve's Independence
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The Independence Dilemma: The Federal Reserve's Balancing Act
This chapter examines the Federal Reserve's independence from political influence while emphasizing its accountability to the public and Congress. It discusses historical pressures on the Fed from political leaders, the evolution of thought on central bank independence, and the implications for controlling inflation. Additionally, it reflects on the Fed's unprecedented actions during crises, including the COVID-19 pandemic, highlighting the challenges of maintaining economic stability amidst political demands.
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