THE FEDERAL RESERVE AND EUROSYSTEM´S BALANCE SHEET POLICIES DURING THE FINANCIAL CRISIS: A COMPARATIVE ANALYSIS

Philipp Bagus and David Howden

Romanian Economic Business Review, 2009, vol. 4, issue 3, 165-186

Abstract: The balance sheet developments of the Federal Reserve System have received increased attention during recent events. The Fed has expanded its balance sheet and also changed its composition in order to support the financial system. As a consequence the average quality of the assets have, on average, deteriorated. In a similar way, the ECB has recently implemented novel balance sheet policies. In this article we compare the balance sheet policies of these two central banks. We assess the differences in policy strategies and deduct consequences concerning the quality of the respective currencies, as well as future directions of monetary policy.

Keywords: Central Bank Balance Sheets; Quality of Money; Balance Sheet Analysis; Monetary Policy; Subprime Crisis (search for similar items in EconPapers)
Date: 2009
References: View complete reference list from CitEc
Citations: View citations in EconPapers (12)

Downloads: (external link)
http://www.rebe.rau.ro/RePEc/rau/journl/FA09/REBE-FA09-A15.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rau:journl:v:4:y:2009:i:3:p:165-186

Access Statistics for this article

More articles in Romanian Economic Business Review from Romanian-American University Contact information at EDIRC.
Bibliographic data for series maintained by Alex Tabusca ().