| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20737 |
| 来源ID | Working Paper 20737 |
| Unprecedented Actions: The Federal Reserve\u2019s Response to the Global Financial Crisis in Historical Perspective | |
| Frederic S. Mishkin; Eugene N. White | |
| 发表日期 | 2014-12-15 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Interventions by the Federal Reserve during the financial crisis of 2007-2009 were generally viewed as unprecedented and in violation of the rules—notably Bagehot’s rule—that a central bank should follow to avoid the time-inconsistency problem and moral hazard. Reviewing the evidence for central banks’ crisis management in the U.S., the U.K. and France from the late nineteenth century to the end of the twentieth century, we find that there were precedents for all of the unusual actions taken by the Fed. When these were successful interventions, they followed contingent and target rules that permitted pre-emptive actions to forestall worse crises but were combined with measures to mitigate moral hazard. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w20737 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578412 |
| 推荐引用方式 GB/T 7714 | Frederic S. Mishkin,Eugene N. White. Unprecedented Actions: The Federal Reserve\u2019s Response to the Global Financial Crisis in Historical Perspective. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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