Monetary Policy of the Federal Reserve System from the Perspective of Exit Strategies

• Autorzy: Aleksandra Nocoń
• Języki publikacji: EN

Abstrakty

EN

Central banks, after the experience of the global financial crisis, are now starting the implementation of the exit strategies, which are the process of normalization of monetary policy. The pace of monetary policy normalization process depends on the market reaction to central bank's decisions and macroeconomic conditions, in which they will be implemented. The main aim of the study is to present the principles of the exit strategy of the Federal Reserve System (Fed), on the background of the changes that have occurred in the United States within the monetary policy during the global financial crisis.(original abstract)

Słowa kluczowe

EN

Central banks; Bank reserves; Monetary policy; Financial crisis

PL

Banki centralne; Rezerwy bankowe; Polityka pieniężna; Kryzys finansowy

• Czasopismo: Journal of Economics & Management / University of Economics in Katowice
• Rocznik: 2015
• Numer: nr 21
• Strony: 163--172

Twórcy

autor

Aleksandra Nocoń

• University of Economics in Katowice, Poland

Bibliografia

• Alexander C. (2014): The Federal Reserve's Exit strategy and the Neutral Level of Rates. TD Bank Group, http://www.td.com/document/PDF/economics/special/Neutral LevelOfFedFundsRates.pdf (access: 11 August 2014).
• Chari V.V. (2010): Thoughts on the Federal Reserve's Exit strategy. Federal Reserve Bank of Minneapolis, Economic Policy Paper 10-1, March
• Domestic Open Market Operations During 2009 (2010): Report prepared for Federal Open Market Committee by Markets Group of the Federal Reserve Bank of New York, January, http://newyorkfed.org/markets/omo/omo2009.pdf (access: 7 August 2014).
• Grostal W., Niedźwiedzińska J., Stawasz E. (2012): Changes in Strategy and Communications Policy of the FED. National Bank of Poland Publications, Economic Institute, Bureau of Monetary Policy Strategy, 11 April, http://www.nbp.pl/publikacje/ bci/BCI_fed.pdf (access: 6 August 2014).
• Kliesen K.L. (2013): The Fed's Strategy for Exiting from Unconventional Policy: Key Principles, Potential Challenges. Federal Reserve Bank of St. Louis, October, http://www.stlouisfed.org/publications/re/articles/?id=2426 (access: 7 August 2014).
• Lenza M., Pill H., Reichlin L. (2010): Monetary Policy In Exceptional Times. Working Paper Series, EBC, No. 1253, October.
• Transcript of Chairman Bernanke's Press Conference (2013): June 19, 2013, http://www.federalreserve.gov/mediacenter/files/FOMCpresconf20130619.pdf (access: 7 August 2014).
• [www1] http://individual.troweprice.com/public/Retail/Planning-&-Research/T.-RowePrice-Insights/Chief-Economist-Commentary/What-is-the-Federal-Reserve-ExitStrategy (access: 6 August 2014).
• [www2] http://marketrealist.com/2014/06/kansas-city-fed-president-economic-monetarypolicy-outlook/comments (access: 6 August 2014).
• [www3] http://www.federalreserve.gov/faqs/money_12849.htm (access: 11 August 2014).
• [www4] http://www.federalreserve.gov/monetarypolicy/bst_longerterm.htm (access: 7 August 2014).
• [www5] http://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm (access: 29 September 2015).
• [www6] http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20110622.pdf (access: 11 August 2014).
• [www7] http://www.federalreserve.gov/releases/h15/data.htm (access: 3 February 2014).
• [www8] http://www.newyorkfed.org/markets/statistics/dlyrates/fedrate.html (access: 3 February 2014).
• [www9] https://research.stlouisfed.org/fred2/series/BOGMBASE