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- W3125151917 abstract "The financial crisis of 2007 and 2008 was a watershed event for the Federal Reserve and other central banks. The extraordinary actions they took have been described, alternatively, as a natural extension of monetary policy to extreme circumstances or as a problematic exercise in credit allocation. I have expressed my view elsewhere that much of the Fed’s response to the crisis falls in the latter category rather than the former (Lacker 2010). Rather than reargue that case, I want to take this opportunity to reflect on some of the institutional reasons behind the prevailing propensity of many modern central banks to intervene in credit markets." @default.
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- W3125151917 date "2012-03-22" @default.
- W3125151917 modified "2023-09-24" @default.
- W3125151917 title "Understanding the Interventionist Impulse of the Modern Central Bank" @default.
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