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.

‘Monetary Politics is a valuable addition to the literature because of its attention to the monetary side of the political business cycle and for its institutional analysis.’

Source: American Political Science Review

‘Woolley’s study is a refreshing alternative to both the short-term preoccupations with market movements and the trivialisation of the analysis of political influences … This is a scholarly study, well documented at every point. It is essential reading to anyone who wants to understand monetary policy making in the United States in its full institutional context.’

Source: The Banker

‘A major contribution to the literature on American governmental institutions and on economic policy-making. This volume fills a large gap.’

Source: Journal of Politics

‘Woolley’s grace as a writer makes the intricacies of monetary policy accessible to non-specialists.’

Source: Congressional Quarterly

‘John Woolley provides an excellent examination of how the Federal Reserve has played its political cards in recent years.’

Source: The American Banker

‘His findings are substantiated by the data; his documentation is superb; the empirical evidence is convincing. Woolley has made a solid, new contribution to the literature. Both political scientists and economists who seek the deeper understanding of the Fed and the influence of outside pressures will find his analysis to be very rewarding.’

Source: Policy Studies Journal