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Paul Volcker was a model public servant, not only his service as Fed Chair, but also in his work on international economic policy at the Treasury, and in his service in many other realms. Three distinguished persons—Sheila Bair, Donald Kohn, and John Taylor—provide their memories of Volcker and reflect upon his legacy.

The extraordinary circumstances of the past few years have led to extraordinary responses by the Federal Reserve and other central banks. These ventures into uncharted waters have heightened political scrutiny to the point of raising concern about future independence. In discussing independence of the Federal Reserve, it is important to separate its regulatory and supervisory functions from its monetary policy function. It is the latter in which the question of independence is most important. History indicates that independent monetary policy has been a powerful deterrent to inflation. This paper outlines the threats to Federal Reserve independence, particularly as it exists from the unconventional policies that it pursued to mitigate the financial crisis. Economists have an important role in making the case that monetary policy remains independent.