The Myth of Independence (inbunden)
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Format
Inbunden (Hardback)
Språk
Engelska
Antal sidor
296
Utgivningsdatum
2017-09-05
Utmärkelser
Short-listed for Project Syndicate's Best Reads in 2017 (chosen by Koichi Hamada) 2017
Förlag
Princeton University Press
Originalspråk
English
Illustrationer
1 Maps
Dimensioner
236 x 163 x 30 mm
Vikt
613 g
Antal komponenter
1
ISBN
9780691163192

The Myth of Independence

How Congress Governs the Federal Reserve

av Sarah Binder, Mark Spindel
Inbunden,  Engelska, 2017-09-05
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Born out of crisis a century ago, the Federal Reserve has become the most powerful macroeconomic policymaker and financial regulator in the world. The Myth of Independence traces the Fed's transformation from a weak, secretive, and decentralized institution in 1913 to a remarkably transparent central bank a century later. Offering a unique account of Congress's role in steering this evolution, Sarah Binder and Mark Spindel explore the Fed's past, present, and future and challenge the myth of its independence. Binder and Spindel argue that recurring cycles of crisis, blame, and reform propelled lawmakers to create and revamp the powers and governance of the Fed at critical junctures, including the Panic of 1907, the Great Depression, the postwar Treasury-Fed Accord, the inflationary episode of the 1970s, and the recent financial crisis. Marshaling archival sources, interviews, and statistical analyses, the authors pinpoint political and economic dynamics that shaped interactions between the legislature and the Fed, and that have generated a far stronger central bank than anticipated at its founding. The Fed today retains its unique federal style, diluting the ability of lawmakers and the president to completely centralize control of monetary policy. In the long wake of the financial crisis, with economic prospects decidedly subpar, partisan rivals in Congress seem poised to continue battling over the Fed's statutory mandates and the powers given to achieve them. Examining the interdependent relationship between America's Congress and its central bank, The Myth of Independence presents critical insights about the future of monetary and fiscal policies that drive the nation's economy.
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  • Myth of Independence

    Myth of Independence

    Sarah Binder, Mark Spindel

    Born out of crisis a century ago, the Federal Reserve has become the most powerful macroeconomic policymaker and financial regulator in the world. The Myth of Independence traces the Fed's transformation from a weak, secretive, and decentralized i...

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Recensioner i media

"Finalist for the 31st D.B. Hardeman Prize, LBJ Foundation" "Winner of the 2018 Gladys M. Kammerer Award, American Political Science Association" "Winner of the 2018 Richard F. Fenno, Jr. Prize, Legislative Studies Section of the American Political Science Association" "One of Project Syndicates Best Reads in 2017 (chosen by Koichi Hamada)" "Even for readers who get through the day without thinking about monetary policy, Ms. Binder and Mr. Spindel offer compelling insights. . . . [An] impressively researched and often riveting study."---Roger Lowenstein, Wall Street Journal "Binder and Spindel have written an extremely thorough study of the Federal Reserve that shows how the institution, while in theory insulated from politics, is in reality anything but. Binder and Spindel persuasively argue that Congress and the Federal Reserve are interdependent entities. . . . Throughout, fascinating graphics depict the interrelationship between the Fed and congressional politics: one chart links the number of bills introduced to govern Fed policy with the unemployment rate. Binder and Spindel convincingly dispel the myth' of the Feds independence as one of the Capitols urban legends." * Publishers Weekly * "The Myth of Independence is a timely analysis of political and economic countervailing forces that render the Fed and Congress interdependent."---Joseph M. Santos, EH.net

Övrig information

Sarah Binder is professor of political science at George Washington University and senior fellow at the Brookings Institution. Her books include Advice and Dissent and Stalemate. Mark Spindel has spent his entire career in investment management at such organizations as Salomon Brothers, the World Bank, and Potomac River Capital, a Washington D.C.-based hedge fund he started in 2007.

Innehållsförteckning

List of Illustrations ix List of Tables xi Acknowledgments xiii 1 Monetary Politics 1 2 The Blame Game 26 3 Creating the Federal Reserve 52 4 Opening the Act in the Wake of the Depression 82 5 Midcentury Modern Central Banking 124 6 The Great Inflation and the Limits of Independence 165 7 The Only Game in Town 201 8 The Myth of Independence 232 Notes 241 References 259 Index 275

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