Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 12 Number 2 pp. 7-18

John D. Hogan

Georgia State University, Stany Zjednoczone

Monetary policy - conventional and unconventional : taming the financial crisis

Abstract: Induced by the Great Recession of 2007-2009, and especially by the 2008 financial crisis, the Federal Reserve (Fed) undertook unconventional policies that probably saved the financial system from meltdown, but may have effected far-reaching consequences for years ahead. Quite apart from fulfilling its mandates to promote economic growth and maintain stable prices, the Fed made loans to specific financial institutions, accepted hitherto ineligible collateral, and purchased bonds that vastly enlarged its balance sheet and created unprecedented levels of excess bank reserves. How these events came to pass and their possible consequences - including potential inflation and loss of the Federal Reserve independence - are described in this article. (original abstract)
pub/2012_2_7.pdf Full text available in in Adobe Acrobat format:
http://www.ebr.edu.pl/volume12/issue2/2012_2_7.pdf
Keywords: Bank reserves, Financial crisis, Monetary policy, Economic development, Financial institutions, Consumer loan, Rezerwy bankowe, Kryzys finansowy, Polityka pieniężna, Rozwój gospodarczy, Instytucje finansowe, Kredyt konsumencki

For citation:

MLA Hogan, John D.. "Monetary policy - conventional and unconventional : taming the financial crisis." Economics and Business Review EBR 12.2 (): 7-18.
APA , (). Monetary policy - conventional and unconventional : taming the financial crisis. Economics and Business Review EBR 12(2), 7-18
ISO 690 HOGAN, John D.. Monetary policy - conventional and unconventional : taming the financial crisis. Economics and Business Review EBR, , 12.2: 7-18.