The Federal Reserve's biggest success during the coronavirus crisis: keeping itself out of politics

Get the Full StoryThe Federal Reserve has never been free of political pressure, but it has changed how it deals with it.

Due to the novel coronavirus, the Fed has been working more closely with the government.

But the Fed's independence is paramount because it gives us apolitical policy making.

Simon W. Bowmaker is Clinical Professor of Economics at the NYU Stern School of Business.

Paul Wachtel is a Professor of Economics at the NYU Stern School of Business.

This is an opinion column. The thoughts expressed are those of the author.

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Central bank independence the ability of central bankers to make policy without interference from political authorities became the holy grail of monetary economists in the 1990s. It was agreed that independence from political pressure was the bulwark that protected the world's economies from inflation.

But this universal truth was challenged by the financial crisis a decade ago and seems to have crumbled in the face of the COVID-19 pandemic.See the rest of the story at Business InsiderNOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quicklySee Also:The government needs to step in and save American businesses or the US is going to spiral into a second Great DepressionDeciding how to reopen based on political bias and guesswork has been a disaster. Here's how we should do it instead.Trump's renewed effort to dismantle Obamacare is particularly cruel during the pandemicSEE ALSO: The 'economy or virus' delusion

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