Analytical Paper Optional: All enrolled students have the option of completing a research paper of at least 20-25 pages, with faculty and peer review of a substantially complete draft. This paper can be used to satisfy the analytical paper requirement for J.D. students.

Prerequisite: None

Exam: No Exam

The Federal Reserve is a highly atypical, if not unique, institution within the United States Government. It has an almost conspiratorial origin, an unusual public-private structure, and arguably greater legal and customary autonomy than any other agency created by Congress. Students will read and discuss selected book excerpts and articles on the structure and functions of the Federal Reserve as the nation’s central bank. Some (non-quantitative) economic reading also be assigned as background for understanding the legal and political issues. A theme running through the course will be the combined impact of the financial crisis of 2007-2009 and judicial and Presidential challenges to administrative agency independence in reawakening political controversy over the Fed’s operation and functions after the three quarters of a century that had elapsed since the New Deal overhaul of its governance structure.