Frontmatter -- Contents -- Acknowledgments -- Introduction -- One. Lombard Street, Old and New -- Two. Origins of the Present System -- Three. The Age of Management -- Four. The Art of the Swap -- Five. What Do Dealers Do? -- Six. Learning from the Crisis -- Conclusion -- Notes -- References --...

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...