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Fed’s financial stability concerns and monetary policy
[Préoccupations de stabilité financière de la Fed et politique monétaire]

Author

Listed:
  • Klodiana Istrefi
  • Florens Odendahl
  • Giulia Sestieri

Abstract

Even though the Fed does not have an explicit financial stability objective extending beyond its supervisory responsibilities, the public speeches of Fed officials reveal that there is a relationship between the higher proportion of speaking time on financial stability topics and more accommodative monetary policy. Financial stability became a topic of concern in Fed speeches especially around the global financial crisis. La Réserve fédérale n’a pas d’objectif explicite de stabilité financière, mais les discours publics de ses responsables révèlent qu’une augmentation du temps de parole consacré à la stabilité financière est associée à une politique monétaire plus accommodante. La stabilité financière est surtout devenue un sujet de préoccupation dans les discours de la Fed à l’époque de la crise financière mondiale.

Suggested Citation

  • Klodiana Istrefi & Florens Odendahl & Giulia Sestieri, 2020. "Fed’s financial stability concerns and monetary policy [Préoccupations de stabilité financière de la Fed et politique monétaire]," Eco Notepad 193, Banque de France.
    • Handle: RePEc:bfr:econot:193
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