- Thursday, February 4, 2021 at 4:10PM - 5:40PM
- To access the Workshop, please go to the LEO main page (https://law.yale.edu/LEO) on Thursday, Feb. 4th after 9:00 a.m.
- Open To The Yale Community
- Event URL
- Add to Calendar:
Sarah Binder, Professor of Political Science at George Washington University, will be presenting from "Monetary Politics", Chapter 1 from her book The Myth of Independence: How Congress Governs the Federal Reserve (with Mark Spindel). An excerpt of the Chapter reads:
"In this book, we explore the political and economic catalysts that fueled the development of the Fed over its first century. Economic historians have provided excellent accounts of the Fed’s evolution, focusing on the successes and failures of monetary policy. Still, little has been written about why or when politicians wrestle with the Fed, each other, and the president over monetary policy, and who wins these political contests over the powers, autonomy, and governance of the Fed, or why. Moreover, in the wake of economic and financial debacles for which Congress and the public often blame the Fed, lawmakers respond paradoxically, amending the act to expand the Fed’s powers and further concentrate control in Washington. Why do Congress and the president reward the Fed with new powers and punish it for poor performance? In this book, we contextualize Congress’s existential role in driving the evolution of the Fed—uncovering the complex and sometimes-hidden role of Congress in historical efforts to construct, sustain, and reform the Federal Reserve."
The complete chapter is available here.
Law, Economics & Organization Workshop