The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence?"
Using scores of examples from the Fed's rich history, Wharton professor Peter Conti-Brown, a legal scholar and financial historian, provides an in-depth look at the Fed's place in government, its internal governance structure and its relationships to such individuals and groups as the president, Congress, economists and bankers.
Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does — and does not — define the Fed's power, Conti-Brown will clarify the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals — within and outside of government — shape Fed policy in ways sensitive to politics and political pressures.
Tuesday, February 27 at 5:00pm
Kenyon Athletic Center, 240
221 Duff St, Gambier, Ohio 43022