The Federal Reserve is complicated and carries out numerous functions.

Honohan, an academic and former governor of the Central Bank of Ireland, provides a road map for central bankers to navigate financial crises.

Austan Goolsbee, the Chicago Fed chief, defended the central bank's independence in a Sunday morning talk-show interview.

Federal Reserve Bank of Chicago President Austan Goolsbee warned against efforts to curtail the central bank’s independence, ...