دانلود مقاله ISI انگلیسی شماره 48450
عنوان فارسی مقاله

درس هایی از یک قرن سیاست بانک فدرال: چرا سیاست های پولی و اعتباری نیاز به قوانین و حدود دارند

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48450 2014 9 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Lessons from a century of FED policy: Why monetary and credit policies need rules and boundaries ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Economic Dynamics and Control, Volume 49, December 2014, Pages 112–120

کلمات کلیدی
استقلال بانک مرکزی و سیاست های مالی - سیاست های اعتباری فدرال رزرو - تاریخ فدرال رزرو - بحران مالی 2007-09 - تورم بزرگ
پیش نمایش مقاله
پیش نمایش مقاله درس هایی از یک قرن سیاست بانک فدرال: چرا سیاست های پولی و اعتباری نیاز به قوانین و حدود دارند

چکیده انگلیسی

Wide operational and financial independence given to monetary and credit policies subjects the Federal Reserve to incentives detrimental for macroeconomic and financial stability. The absence of a monetary policy rule created go-stop incentives that produced inefficient volatility of both inflation and unemployment during the Great Inflation. Fed credit policy has undergone massive “mission creep” since the Fed was established. Being debt-financed fiscal policy, Fed credit policy beyond ordinary temporary lending to solvent depositories creates friction with the fiscal authorities and jeopardizes the Fed׳s independence. An ambiguous boundary of expansive Fed credit policy creates expectations of Fed accommodation in financial crisis—that blunts the incentive of private entities to take protective measures beforehand (to shrink counter-party risk and reliance on short-term finance, and build up equity capital) and blunts the incentive of the fiscal authorities to prepare procedures in advance to act systematically in times of credit turmoil. These points are illustrated with reference to the 2007–09 financial crisis. Part of the problem is that the independent Fed does not have the same incentive as the 19th century Bank of England to follow Bagehot׳s Rule. The paper concludes with a set of principles to preserve a workable, sustainable division of responsibilities between the independent central bank and the fiscal authorities.

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