Suchergebnisse

A Modern History of the Kurds by David McDowall. A Modern History of the Kurds, a book by David McDowall, is reviewed.

This paper contextualizes, supports, and informs previous empirical studies on the independence of the Federal Reserve (Fed) with an episodic history of modern Fed independence. At the Fed's founding, its independence was considered necessary to separate monetary policy from the influence of electorally focused politicians and special-interest groups. According to C. W. Baron, at its founding, Fed independence meant that 'if the new Federal Reserve Board is of the desired quality and character it will be the most unpopular board that ever sat in Washington. It will turn deaf ears to all political and sectional considerations. The greater the clamor for cheap money the tighter it will hold the reserves'. This paper seeks to understand how the modern Fed, despite the many steps taken since its founding to ensure independence, still succumbs to political influence. Adapted from the source document.