La politique monétaire de la Fed face à la crise de la covid-19 : entre continuité et rupture
This paper analyzes the measures taken by the Fed to deal with the covid-19 crisis. To explain the Fed’s interventions, we put them in their context by considering the problems it sought to solve. The Fed started by lowering its target rate to bring it back to the zero lower bound. In mid-March, sev...
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| Format: | Article |
| Language: | English |
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Association Recherche & Régulation
2021-05-01
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| Series: | Revue de la Régulation |
| Subjects: | |
| Online Access: | https://journals.openedition.org/regulation/18508 |
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| Summary: | This paper analyzes the measures taken by the Fed to deal with the covid-19 crisis. To explain the Fed’s interventions, we put them in their context by considering the problems it sought to solve. The Fed started by lowering its target rate to bring it back to the zero lower bound. In mid-March, several crucial markets became dysfunctional. Consequently, the Fed resumed its large-scale asset purchase programs and restored several credit and liquidity facilities introduced in 2008. It then expanded the scope of its interventions by creating new facilities. These measures prevented a collapse of the U.S. financial system. But they are likely to intensify the challenge faced by central banks concerning their role. |
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| ISSN: | 1957-7796 |