The public policy blog of the American Enterprise Institute

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Discussion: (3 comments)

  1. Wayne Abernathy

    The Fed has become so important in economic as well as regulatory policy, that I fear that its independence has been compromised. You cannot, in a representative republic, give that much governmental power to an agency without making it much more accountable. And it will continue to attract more political attention. The unsightly campaign for Fed chairmanship is not likely to have been an aberration but rather a sign of more to come.

  2. Benjamin Cole

    Excellent blogging…and yes, at some point central bank independence must be re-examined if we become Japan-lite…which seems to be the case…

  3. Ian Campbell

    The better consequence of the dilemma between independence and accountability would be for Congress to repeal the Act that constituted the Fed. It has a long term dismal record that is extremely likely to be made much worse by the distortions it has created in the past give years and the inevitable destabilizing of the world economy that will follow.

    The dilemma goes away by this route, along with the Fed.

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