Which of arguments support the notion that the Fed should be independent? Coordination of fiscal and monetary policy would be easier President is ultimately held responsible for economic policy, yet he does not have control over monetary policy, an important element determining economic health. Lack of evidence indicating that an independent Fed performs well Greater focus on long-run objectives More likely to pursue policies in the public interest even if politically unpopular Greater accountability. If the Fed makes mistakes there is no way of voting them out, thus the system is undemocratic Less pressure to finance deficits and less pressure to pursue inflationary policies