The Myth of Independence

The unique blend of historical and political analysis in The Myth of Independence makes this an important book. No matter how much you already know about the Federal Reserve, you'll learn more in these pages. --Alan Blinder, author of After the Music Stopped A fascinating account of the way political forces in Congress have shaped the Federal Reserve at critical junctures in its history. Highly original and timely, this is a must-read for anyone who wants to understand the political pressures that the Fed will face in coming years. --Liaquat Ahamed, author of the Pulitzer Prize-winning Lords of Finance In this elegant and accessible book, Binder and Spindel shed new light on this tension between economics and politics. Their conclusion, that the Fed's independence is at best fragile and at worst illusory, amounts to a fundamental challenge to conventional thinking about monetary policy in the United States. --Barry Eichengreen, University of California, Berkeley 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 One of Project Syndicate's Best Reads in 2017 (chosen by Koichi Hamada) Winner of the 2018 Richard F. Fenno, Jr. Prize, Legislative Studies Section of the American Political Science Association Winner of the 2018 Gladys M. Kammerer Award, American Political Science Association