The Federal Reserve is 'independent', but contrary to opinions often expressed, it was not intended by its creators to be free from political control, although others involved in the debate over its establishment hoped that it would be. 'Independence' was independence from banking interests, not...

The extent to which movements in the sterling and franc bilateral exchange rates are associated with changes in the dollar-deutschemark exchange rate is measured. In the case of the pound we find, in contrast to the impression that might be gained from previous studies, that its linkage to the...