Is Politics Getting to the Fed? (Project-Syndicate)

In the early 1980s, the chairman of the US Federal Reserve, Paul Volcker, was able to choke off runaway inflation because he was afforded the autonomy necessary to implement steep interest-rate hikes. Today, the Fed is clearly under unprecedented political pressure, and it is starting to show.

https://www.project-syndicate.org/commentary/trump-powell-politics-fed-by-robert-j-barro-2019-07

Robert J. Barro is Professor of Economics at Harvard University and a visiting scholar at the American Enterprise Institute. He is co-author (with Rachel M. McCleary) of The Wealth of Religions: The Political Economy of Believing and Belonging.

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