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The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed´s rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation´s central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed´s place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers.

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"With plenty in the media recently about Federal Reserve Chairwoman Janet Yellen and attempts to raise interest rates, [The Power and Independence of the Federal Reserve] could not have come at a more opportune time. Readers concerned with monetary policy and the role of the Federal Reserve will discover that this specialized title has much to offer."--Library Journal

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Peter Conti-Brown is assistant professor of legal studies and business ethics at the Wharton School of the University of Pennsylvania. He is the coeditor of When States Go Broke and Research Handbook on Central Banking.

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