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Does the Fed Have a Financial Stability Mandate?

Author

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  • Renee Courtois Haltom
  • John A. Weinberg

Abstract

Governments around the world have devoted increasing attention to maintaining overall financial system stability. Central banks play strong roles in domestic financial stability policy, but the full scopes of their financial stability mandates are ambiguous. The Federal Reserve appeared to embrace a stronger role in financial system stability starting in the late 1960s and accelerating with its unprecedented actions during the 2007?08 financial crisis. Questions remain, however, about the proper scope and design of a central bank?s financial stability mandate.

Suggested Citation

  • Renee Courtois Haltom & John A. Weinberg, 2017. "Does the Fed Have a Financial Stability Mandate?," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue June.
    • Handle: RePEc:fip:fedreb:00053
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    File URL: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/economic_brief/2017/pdf/eb_17-06.pdf
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    Citations

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    Cited by:

    1. Arina Wischnewsky & David‐Jan Jansen & Matthias Neuenkirch, 2021. "Financial stability and the Fed: Evidence from congressional hearings," Economic Inquiry, Western Economic Association International, vol. 59(3), pages 1192-1214, July.
    2. Alin Marius Andries & Anca Maria Podpiera & Nicu Sprincean, 2022. "Central Bank Independence and Systemic Risk," International Journal of Central Banking, International Journal of Central Banking, vol. 18(1), pages 81-130, March.
    3. Alin Marius Andries & Anca Maria Podpiera & Nicu Sprincean, 2022. "Central Bank Independence and Systemic Risk," International Journal of Central Banking, International Journal of Central Banking, vol. 18(1), pages 81-130, March.
    4. Ron J. Feldman, 2018. "Comments on “Financial Stability and Resolution of Federal Reserve Goal and Implementation Conflicts”," Journal of Financial Services Research, Springer;Western Finance Association, vol. 53(2), pages 179-182, June.
    5. repec:zbw:bofitp:2020_013 is not listed on IDEAS
    6. Kirchner, Stephen, 2018. "Money too tight to mention: The Reserve Bank of Australia’s financial stability mandate and low inflation," Economic Analysis and Policy, Elsevier, vol. 60(C), pages 141-149.
    7. Arina Wischnewsky & David‐Jan Jansen & Matthias Neuenkirch, 2021. "Financial stability and the Fed: Evidence from congressional hearings," Economic Inquiry, Western Economic Association International, vol. 59(3), pages 1192-1214, July.

    More about this item

    Keywords

    central banks; financial stability;

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