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Exiting low interest rates in a situation of excess liquidity: the experience of the Fed

Vincent Grossmann-Wirth () and Miklos Vari ()

Quarterly selection of articles - Bulletin de la Banque de France, 2016, issue 43, 5-14

Abstract: The Federal funds rate increase decided at end-2015 is one of the first experiences of monetary policy tightening in a situation of excess liquidity. It required a change in the Fed’s instruments but confirms the ability of central banks to control interest rates in a context of abundant liquidity.

Keywords: monetary policy; Fed; Eurosystem; liquidity (search for similar items in EconPapers)
JEL-codes: E52 E58 G01 (search for similar items in EconPapers)
Date: 2016
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