Chapter 8 The past is already gone, the future is not yet here: the case of the Federal Reserves system of money management
Restricted access

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.

You are not authenticated to view the full text of this chapter or article.

Access options

Get access to the full article by using one of the access options below.

Other access options

Redeem Token

Institutional Login

Log in with Open Athens, Shibboleth, or your institutional credentials

Login via Institutional Access

Personal login

Log in with your Elgar Online account

Login with you Elgar account