U.S. Monetary Policy in Disarray

John Tatom

No 2011-WP-21b, NFI Working Papers from Indiana State University, Scott College of Business, Networks Financial Institute

Abstract: Monetary policy became more difficult to characterize during and after the mortgage foreclose and financial crises because of a shift to a new credit policy focused on private sector credit and that relies on traditional commercial banking strategies. The new credit policy broke the tight link that had existed between Fed credit and its effective monetary base, the monetary base that affects monetary aggregates. The Fed has adopted an exit strategy, but the discretionary powers that it followed remain in place as does a mistaken policy on the payment of interest on excess reserves.

Keywords: monetary policy; credit policy; central banking; Milton Friedman; business cycles (search for similar items in EconPapers)
JEL-codes: E3 E5 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2011-08, Revised 2013-02
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Related works:
Journal Article: U.S. monetary policy in disarray (2014)
Working Paper: Monetary policy in disarray (2011)
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