The Federal Reserve, by far the world’s most important central bank, has clearly changed under its new Chairman, Kevin Warsh.

The big question is whether it is still truly independent. Now, in general, a central bank is never independent. Monetary and fiscal policy regularly cross paths, central bankers are appointed by politicians, and some parts of monetary policies are implemented through ministries of finance (take Japan as an example). Second, a large body of academic literature shows th — via @jsblokland

New Fed Chair Kevin Warsh signals policy shift, sparking independence