L'évolution du rôle de la Federal Reserve

Paul Wachtel

Revue d'économie financière, 2012, vol. N° 105, issue 1, 265-280

Abstract: The financial crisis has made central banks use functions that had been largely ignored for decades. At the beginning of the 20th century, central banking was about price stability and open-market activity. Since 2008, the functions of financial stability and of liquidity provider to illiquid financial institutions have been rediscovered. From now on, central banks will have to operate broader roles: regards on macroeconomic policy, implementation of macro-prudential policy and regulation of financial institutions. With these broader responsibilities, the environment in which central banks operate will also change becoming more political. Classification JEL: E58, G01, G28.

JEL-codes: E58 G01 G28 (search for similar items in EconPapers)
Date: 2012
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