2 The implications for monetary policy of central bank actions other than the use of its general monetary policy tools will be considered later. 3 See Debelle and Fischer (1994, p. 197). 4 U.S. monetary policy independence in the post-World War II era dates at least from the Federal Reserve/Treasury Accord of 1951. See Eichengreen and Garber (1991).
I discussed Federal Reserve independence in detail in Fischer (2015a). -2 Under the new law, the Bank of England’s Monetary Policy Committee (MPC), rather than the Treasury, set the policy interest rate.