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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Why do presidents typically reappoint Chairs of the Federal Reserve Board even when they were originally appointed by a president of a different political party?

To determine

The reason for President reappointing the Chairs of the Federal Reserve Board.

Explanation

Federal Reserve has a semi-decentralized structure. It has mixed representation with private sector representatives and government appointees being on Board. To separate politics from economic policy decision-making, design is such that the Board is secluded from political pressure. There are members appointed by the President for a term of 14 years. The arrangement is such that one member is relieved on 31st Jan of every even year...

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