Provide References

9. Explain the concept of the independence of the Federal Reserve and why it is important for its effectiveness in conducting monetary policy. (10 points) 10. Discuss the factors that can influence the independence of the Federal Reserve and provide examples of instances where the independence of the Fed has been challenged or compromised. (10 points) 11. Debate the pros and cons of having an independent central bank, such as the Federal Reserve, in a democratic system. (10 points)