This is the first book to describe and analyze the relationships between the Federal Reserve and the president, Congress, bankers, and economists. Far from being politically independent, the Federal Reserve is shown to be sensitive to a wide range of political influences.

Preface; 1. The Federal Reserve and the politics of monetary policy: introduction and overview; 2. A capsule history of the Federal Reserve system; 3. Recruitment and selection of Federal Reserve personnel; 4. Bankers and the Federal Reserve; 5. Economists and the Federal Reserve; 6. The president and the Federal Reserve; 7. Congress and the Federal Reserve; 8. Making monetary policy in a political environment: the election of 1972; 9. Monetary politics: a summary; Appendixes; Experiences of notable monetarists; Notes; Bibliographic note; Index.