How Economics PhDs Took Over the Federal Reserve
Harvard Business Review
FEBRUARY 3, 2014
What wasn’t really up in the air was whether the new head of the world’s most powerful central bank would have a doctorate in economics. The result was the Fed-Treasury Accord of 1951, which McCabe hammered out with Assistant Treasury Secretary William McChesney Martin. pretty much ever since. History has not judged his tenure well.
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