Description
Book SynopsisBorn 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
Trade Review"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 Syndicate’s 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 Fed’s independence as one of the Capitol’s urban legends." * Publishers Weekly *
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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
