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Cooperation, Conflict, and the Emergence of a Modern Federal Reserve

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  • Owen F. Humpage

Abstract

The Federal Reserve System is a model of an independent central bank, with the authority to resist political pressure and act in the long-term best economic interest of the country. But this has not always been the case. In the past—and not too distant past at that—US monetary policy has frequently yielded to other governmental requirements. Even for the modern Federal Reserve, independence is a nuanced, mutable and, ultimately, fragile concept, but one that is essential to maintain.

Suggested Citation

  • Owen F. Humpage, 2014. "Cooperation, Conflict, and the Emergence of a Modern Federal Reserve," Economic Commentary, Federal Reserve Bank of Cleveland, issue April.
    • Handle: RePEc:fip:fedcec:00011
    DOI: 10.26509/frbc-ec-201407
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    Cited by:

    1. Owen F. Humpage, 2023. "On the Origins of the Federal Reserve System and Its Structure," Working Papers 23-17, Federal Reserve Bank of Cleveland.

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