The Road Ahead for the FedExpert contributors examine the recent actions of the Federal Reserve and suggest directions for the Fed going forward by drawing on past political, historical, and market principles. They explain how the Fed arrived at its current position, offer ideas on how to exit the situation, and propose new market-based reforms that can help keep the Fed on the road to good monetary policy in the future. |
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actions aggregate Allan Meltzer Andrew Crockett Asset-Backed Securities authority balance sheet bankers bankruptcy Bear Stearns Bernanke big to fail billion borrowers capital central bank clearing house collateral Congress contracts cost counterparty created credit default swaps credit derivatives dealers debt deposits economic effects equity eral exposures facilities failure Fed's federal funds rate Federal Reserve financial crisis financial entities financial firms financial institutions financial markets financial system Freddie Mac future global guarantees IBHCs incentives inflation insolvency interest rate interventions investors Lehman Brothers lenders lending leverage liquidity loans losses market participants market-based Meltzer ment monetary policy money market mortgage open market operations percent premium price stability problem programs purchases rating agencies regulatory repo require reserve balances responsibility role rules shock short-term subprime systemic regulator systemic risk systemic stability regulator systemically important institutions tion trading transparency Treasury securities trillion U.S. Treasury