151–62; Alex Cukierman, Pantelis Kalaitzidakis, Lawrence H. Summers, and Steven B. Webb (1993), “Central Bank Independence, Growth, Investment, and Real Rates,” Carnegie-Rochester Conference Series on Public Policy, vol. 39 (1), pp. 95–140 ; and Alex Cukierman, Geoffrey P. Miller, and Bilin Neyapti (2002), “Central Bank Reform, Liberalization and Inflation in Transition Economies – An International Perspective,” Journal of Monetary Economics, vol. 49 (2), 237–64.
3  Each Federal Reserve Bank’s Class B and Class C directors appoint a president. See section 4(4), subparagraph “Fifth,” of the Federal Reserve Act, as amended by section 1107 of Pub. L. No. 111–203 (2010). 4  For a fuller discussion of the responsibilities of the Board of Governors and the Federal Reserve Banks, see The Federal Reserve System: Purposes & Functions.