This collection of essays examines the institutional framework in
which monetary policy is made. The essays consider two questions:
how free is the Fed to set monetary policy and to what extent do
organisational problems affect the choice of that monetary policy?
Topics covered include the Fed's response to movements on its
goals, Congressional and presidential pressures on the Fed, the
existence of political business cycles operating through monetary
policy, and the extent to which monetary policy may be explained by
the Fed's own interests. A final section examines the claim that
the Federal Reserve follows counter-cyclical policy and evaluates
its performance as a lender to banks both in normal times and as a
lender of last resort.
General
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