MARC Record from Library of Congress

LEADER: 02075cam a22002897a 4500
001 2004616444
003 DLC
005 20040811085936.0
007 cr |||||||||||
008 040811s2004 dcu sb f000 0 eng
010 $a 2004616444
040 $aDLC$cDLC
050 00 $aHG1
100 1 $aSmall, David H.
245 14 $aThe scope of monetary policy actions authorized under the Federal Reserve Act$h[electronic resource] /$cDavid H. Small and James A. Clouse.
260 $aWashington, D.C. :$bFederal Reserve Board,$c[2004]
490 1 $aFinance and economics discussion series ;$v2004-40
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 8/11/2004.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"The Federal Reserve Act authorizes the Federal Reserve to undertake various types of discount window loans and open market operations. While the Federal Reserve generally has not found it necessary to use all types of such authority, there could be circumstances in which the Federal Reserve might need to consider utilizing its statutory authority more broadly than it has in the past. We examine the limits imposed by the Federal Reserve Act along two dimensions: those types of counterparties and financial instruments with which the Federal Reserve may conduct monetary policy. In doing so, we develop a theme not commonly pursued in the literature--the ways and extent to which the Federal Reserve Act limits the Federal Reserve from taking credit risk onto its balance sheet. We also provide some historical perspective on how the current powers of the Federal Reserve came to be authorized"--Federal Reserve Board web site.
653 $aMonetary policy;$aFederal Reserve Act;$aDiscount window;$aOpen market operations
700 1 $aClouse, James A.
830 0 $aFinance and economics discussion series (Online) ;$v2004-40.
856 40 $uhttp://www.federalreserve.gov/pubs/feds/2004/200440/200440abs.html