Fed’s financial stability concerns and monetary policy

Préoccupations de stabilité financière de la Fed et politique monétaire

Klodiana Istrefi, Florens Odendahl and Giulia Sestieri

Eco Notepad (in progress) from Banque de France

Abstract: Even though the Fed does not have an explicit financial stability objective extending beyond its supervisory responsibilities, the public speeches of Fed officials reveal that there is a relationship between the higher proportion of speaking time on financial stability topics and more accommodative monetary policy. Financial stability became a topic of concern in Fed speeches especially around the global financial crisis.

La Réserve fédérale n’a pas d’objectif explicite de stabilité financière, mais les discours publics de ses responsables révèlent qu’une augmentation du temps de parole consacré à la stabilité financière est associée à une politique monétaire plus accommodante. La stabilité financière est surtout devenue un sujet de préoccupation dans les discours de la Fed à l’époque de la crise financière mondiale.

Date: 2020-12-15
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:econot:193

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