Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's first 100 Years
President Jeffrey Lacker and Research Publications Content Manager Renee Haltom explore the Fed's role in financial stability. Following the global financial crisis of 2007-08, the Fed has been given enhanced regulatory responsibilities to prevent future crises. However, most of the Fed's actions in pursuit of financial stability have historically come through emergency lending once crises are underway. The authors conclude that arguments in favor of emergency lending are based on erroneous readings of history. Instead, emergency lending may undermine financial stability, as well as the Fed's core mission of providing monetary stability.
Year of publication: |
2013
|
---|---|
Authors: | Lacker, Jeffrey M. ; Haltom, Renee Courtois |
Published in: |
Annual Report. - Federal Reserve Bank of Richmond. - 2013, p. 5-25
|
Publisher: |
Federal Reserve Bank of Richmond |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Should the Fed Do Emergency Lending?
Haltom, Renee Courtois, (2014)
-
Reforming Money Market Mutual Funds: A Difficult Assignment
Ennis, Huberto M., (2014)
-
The First Time the Fed Bought GSE Debt
Haltom, Renee Courtois, (2014)
- More ...