The Federal Reserve System and the Credit Crisis
成果类型：
Article
署名作者：
Corder, J. Kevin
署名单位：
Western Michigan University
刊物名称：
PUBLIC ADMINISTRATION REVIEW
ISSN/ISSBN：
0033-3352
DOI：
10.1111/j.1540-6210.2009.02011.x
发表日期：
2009
页码：
623-631
关键词：
摘要：
The Federal Reserve System struggled to maintain order in U.S. credit markets as rapid declines in home prices led to huge write-downs in the value of mortgage-backed securities held by financial institutions. The Fed could have taken a number of steps-in the mortgage market or through broader regulatory actions-to either preempt or mitigate the impact of this market disruption. Broader regulatory actions-in the mortgage market, of risk taking by financial institutions, or in the form of actions to limit the contagion of crisis-imply fundamental changes at the Fed. The network of actors with a stake in broader regulatory action is powerful and highly resistant to regulatory scrutiny. The statutory mission of the Fed-especially its commitment to stable prices-could be jeopardized by a broad and explicit mandate to provide liquidity to a wide range of vulnerable financial institutions.
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