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<p>The US Federal Reserve regularly acts as the international lender of last resort. What effect does the Fed’s global activism have on the US public’s trust in it as an independent agency? Using two pre-registered survey experiments, we evaluate the effect of informational cues about the Fed’s international lending on respondents’ level of policy support and trust in the Fed. We find that performance- and procedural-cues affect attitudes towards policy support and trust differently. Policy support is influenced by performance cues concerning its effectiveness and geopolitical implications. Institutional trust is unaffected by performance cues but is influenced by cues expressing concern for the Fed’s democratic accountability. Our findings contribute to debates on the popular support for central bank independence and the legitimacy of domestic institutions engaging in global governance.</p>

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Thinking locally, acting globally: the domestic legitimacy of the US Federal Reserve as a global governor

  • 期刊论文

  • 发表日期：

    2025年9月17日

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  • Michael O. Allen,
  • Aditi Sahasrabuddhe

摘要

The US Federal Reserve regularly acts as the international lender of last resort. What effect does the Fed’s global activism have on the US public’s trust in it as an independent agency? Using two pre-registered survey experiments, we evaluate the effect of informational cues about the Fed’s international lending on respondents’ level of policy support and trust in the Fed. We find that performance- and procedural-cues affect attitudes towards policy support and trust differently. Policy support is influenced by performance cues concerning its effectiveness and geopolitical implications. Institutional trust is unaffected by performance cues but is influenced by cues expressing concern for the Fed’s democratic accountability. Our findings contribute to debates on the popular support for central bank independence and the legitimacy of domestic institutions engaging in global governance.