A formal model of the appointment process -- Estimating monetary policy preferences -- Empirically testing the model's predictions -- Appointments to the European Central Bank -- The origins of the Federal Reserve appointment process -- Conclusions

From the late 1930s until December 7, 1941, isolationism and an antipathy toward war in Europe were strong political currents in the US. However, once the US entered World War II, the entire apparatus of the US government was mobilized to “market” the war to Americans who were incredulous...