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Please use this identifier to cite or link to this item:
http://hdl.handle.net/2451/31339
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| Title: | The Evolving Role of the Federal Reserve |
| Authors: | Wachtel, Paul |
| Keywords: | Central bank
lender of last resort
systemic risk
monetary policy |
| Issue Date: | 5-Dec-2011 |
| Abstract: | In the years prior to the financial crisis of 2008-09, the Federal
Reserve and other central banks emphasized their macroeconomic policy
role almost to the exclusion of other concerns. The crisis experience
has led to profound changes in the way we view central banking. Central
banking in the 21st century will give much greater emphasis to the
original lending role and, as a consequence, the regulatory and
supervisory functions of the lender of last resort. In addition, central
banks will be much more concerned with systemic risk and a new role,
macroprudential regulation, is emerging. This paper describes these
developments with reference to the American central bank. |
| URI: | http://hdl.handle.net/2451/31339 |
| Appears in Collections: | Economics Working Papers
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