My own thinking on the issue has evolved over the years; for a snapshot of its state in early 2006, see Janet L. Yellen (2006), “Enhancing Fed Credibility,” speech delivered at the Annual Washington Policy Conference Sponsored by the National Association for Business Economics, Washington, March 13.
4  See Keith Bradsher (1994), “Tough-Decision Time for the Federal Reserve; New Vice Chairman Stirs the Board’s Pot,” New York Times, September 26, www.nytimes.com/1994/09/26/business/ tough-decision-time-for-federal-reserve-new-vice-chairman-stirs-board-s-pot.html?pagewanted=all&src=pm. 5  See Milton Friedman (1962), “Should There Be an Independent Monetary Authority?” in Leland B. Yeager, ed., In Search of a Monetary Constitution (Cambridge, Mass.