The Myth of Independence

"This book examines the interrelationship between Congress and the Federal Reserve over time, analyzing the congressional politics of the Federal Reserve's founding in 1913 and its subsequent institutional development through the aftermath of the 2008 financial crisis. Binder and Spindel incorporate a wealth of systematic data into their historical narrative."--Frances E. Lee, University of Maryland"With persuasive evidence, The Myth of Independence looks at how the structure and behavior of the Fed is shaped in fundamental ways by Congress. This book is an important and interesting contribution to the study of the American political economy."--Nolan McCarty, Princeton University