美联储-从马丁到格林斯潘的美国货币政策独立实践.pdfVIP

ThePracticeofU.S.MonetaryPolicyIndependencefromMartintoGreenspan

EdwardNelson*

FederalReserveBoard

February23,2026

Abstract

Centralbankindependenceisamajorareaofstudy,buttheeconomicliteraturehasbeen

characterizedbynumerousmisstatementsregardinghowU.S.monetarypolicyindependencehas

operatedovertime.Againstthisbackdrop,thispaperlaysoutmajorelementsofthepracticeof

centralbankindependenceintheUnitedStatesintheperiodfrom1951to2006—atimespan

thatencompassestheWilliamMcChesneyMartin,Jr.,throughAlanGreenspantenuresasthe

headoftheFederalReserve.Manydocumentarymaterialsandpolicymakerquotationsnot

consideredinpreviousresearchonU.S.monetarypolicyarehighlighted.Theanalysiscovers

bothinstitutionalaspects(statutoryobjectives,formalitiesofFederalReservestructure,and

conventionsfollowedinregularizingthecentralbank’sinteractionswiththelegislativeand

executivebranches)andtheconceptualbasisforindependence,asexpressedbyleadingFederal

Reserveofficials,particularlyChairs.Itisshown—withheavyrelianceontheirownwords