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In the process of the financial crisis evolving into a global crisis, the Federal Reserve has diligently applied the lessons gleaned from historical financial upheavals, including the Great Depression of 1929, the Stagflation Crisis of 1970, and the Subprime Crisis of 2008. Through a proactive approach to crisis management via monetary policy, the Federal Reserve has endeavored to mitigate the impact of such crises. This paper conducts a comprehensive analysis, drawing upon a brief retrospective examination of relevant literature and historical experiences in monetary policy during crisis periods. It delves into the operational strategies employed by the Federal Reserve Bank to respond to crises, along with the development of novel monetary policy instruments aimed at sustaining liquidity within the financial system. Additionally, the paper explores the dynamics of international monetary policy cooperation amidst crises. Ultimately, within the framework of heightened economic globalization, it underscores the imperative for central banks to wield monetary policy with precision in addressing financial crises.
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Keyu Wu (Wed,) studied this question.
www.synapsesocial.com/papers/68e60128b6db643587594888 — DOI: https://doi.org/10.54097/nrakte51
Keyu Wu
Highlights in Business Economics and Management
University of Manchester
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