US Federal Reserve System and the Global Financial Crisis
As stated in Chapter 1, the market or government orientation of a central bank can be approached from its legal framework, which deals with its two-tier relationship; these were, however, challenged by the GFC. This chapter will demonstrate that the US Fed was a market-oriented central bank with consolidated prudential regulation, until the GFC changed its commitment to market principles.
KeywordsMonetary Policy Global Financial Crisis Federal Fund Rate Central Bank Independence Federal Reserve System
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