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L'évolution du rôle de la Federal Reserve

Author

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  • Paul Wachtel

Abstract

The financial crisis has made central banks use functions that had been largely ignored for decades. At the beginning of the 20th century, central banking was about price stability and open-market activity. Since 2008, the functions of financial stability and of liquidity provider to illiquid financial institutions have been rediscovered. From now on, central banks will have to operate broader roles: regards on macroeconomic policy, implementation of macro-prudential policy and regulation of financial institutions. With these broader responsibilities, the environment in which central banks operate will also change becoming more political. Classification JEL: E58, G01, G28.

Suggested Citation

  • Paul Wachtel, 2012. "L'évolution du rôle de la Federal Reserve," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 265-280.
  • Handle: RePEc:cai:refaef:ecofi_105_0265
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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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