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The past is already gone, the future is not yet here: the case of the Federal Reserves system of money management

In: Central Banking, Monetary Policy and Social Responsibility

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  • Jong-Un Song

Abstract

The socio-economic environment is reflected in the content and level of the central bank's social responsibility. In the case of the U.S. central bank Fed, it is price stability and employment stability. However, in the 100th year of the Fed's history, the Fed lost its open market policy environment, a prerequisite for efficiently carrying out the Dual mandate delegated by Congress. The cause of this stems from the Fed's unprecedented crisis response policy to the 2007-2008 financial crisis. As a result, the Fed has lost control of the financial market, and accordingly, it has not achieved the Dual mandate, which is the Fed's social responsibility.

Suggested Citation

  • Jong-Un Song, 2022. "The past is already gone, the future is not yet here: the case of the Federal Reserves system of money management," Chapters, in: Guillaume Vallet & Sylvio Kappes & Louis-Philippe Rochon (ed.), Central Banking, Monetary Policy and Social Responsibility, chapter 8, pages 159-171, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20030_8
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    Keywords

    Economics and Finance;

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