The cat and the fish – the complicated relationship between governments and central banks

The concept of central bank independence and tensions between fiscal policy and monetary policy are explored in a book by former Federal Reserve vice-chair Alan Blinder.

Fiscal policies can be tailored to favour the rich or the poor, and US history holds examples of each. PHOTO: AFP
New: Gift this subscriber-only story to your friends and family

When writing his new book, Princeton University economics professor and former US Federal Reserve vice-chair Alan Blinder was asked repeatedly by publishers: What was his punchline? Did he have a 90-second elevator pitch?

As the work progressed, the answer became obvious: There was no convenient capsule summary of over half a century of monetary and fiscal history.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.