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- Title
The Bernanke Fed and "Credit Easing" Policies, 2008-2014.
- Authors
Butos, William N.
- Abstract
In the aftermath of the financial crisis, the Federal Reserve pursued a "near zero" overnight interest-rate floor and initiatives to manipulate the size and composition of central bank assets. Bernanke referred to this policy as "credit easing." I provide an overview of the succession of unconventional Fed measures that have yielded a more than fivefold increase in its balance sheet since September 2008 but with economic growth below trend. I highlight three areas of concern: the distortion of asset prices and interest rates, the Fed as a debt enabler, and the $2.6 trillion overhang of bank reserves.
- Subjects
BOARD of Governors of the Federal Reserve System (U.S.); CENTRAL banking industry; FINANCIAL statements; BANK reserves; RESERVES (Accounting)
- Publication
Journal of Private Enterprise, 2015, Vol 30, Issue 4, p1
- ISSN
0890-913X
- Publication type
Article