Lastly, we sketch the implications of our theory for the scope of Fed authority. We argue that judicial review of Fed rulemaking may be necessary, and is at least consistent with, our borrowing-power rationale, and we say that review is normatively desirable. 11/12

So, in short, a new constitutional grounding for an independent Fed, and a call for revitalized judicial review to help reshape the political economy of the Fed’s non-monetary decisions. Read it here: papers.ssrn.com/sol3/papers.... 12/12