First Published in 1998. The Federal Reserve System, the nation's central bank, is directed by statute to maintain maximum employment, stable prices, and modera

This book brings together a large body of Cukierman's research and integrates it with recent developments in the political economy of monetary policy.

Deals with the antonomy of monetary authorities: the case of the US. Federal Reserve System; relations between monetary authorities and government institutions:

Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank in

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the internation