Central bank autonomy : the Federal Reserve System in American politics / J. Kevin Corder.

Revison of the author's doctoral dissertation.

Includes bibliographical references (p. 187-196) and index.

The autonomy of the central bank in the United States is the joint product of strategic choices made by decision makers in the Fed and choices made by members of Congress. The book looks at how Fed decision makers update administrative procedure in ways that frustrate representative control of monetary policy. Members of Congress tolerate experimentation with procedures and rules because Fed independence creates an obstacle for presidents interested in controlling macroeconomic outcomes for electoral or partisan gain. Central bank autonomy is not a serious threat for members of Congress, as they independently develop a number of federal credit programs to counteract the consequences of monetary policy choices for particular sectors of the economy (notably, home construction and small business enterprise).

oif 18/07/14

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