The Myths and Realities of the Independence of the Federal Reserve System
Dr. Jeffrey Polet, Political Science
The independence of the Federal Reserve System has been a topic of debate since 1951. The debate being center upon whether independence is true in nature or is influenced by short-term political agendas has been called into the legitimacy of the Federal Reserve’s use of monetary policy. Does the Federal Reserve use their monetary policy in a manner that is strictly natural and mathematical to fit the economic needs, or is it impacted by outside political gain? Through examination of what the nature the Federal Reserve is built on, along with past and current monetary actions, will allow for the myths and realities of the Federal Reserve System’s independence to be transparent.
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