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Please use this identifier to cite or link to this item: http://hdl.handle.net/2451/31339

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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