Why We Need an Accord for Federal Reserve Credit Policy: A Note

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The Federal Reserve Bank of Richmond presents the full text of an article entitled "Why We Need an Accord for Federal Reserve Credit Policy: A Note," by Marvin Goodfriend. The article was published in the Winter 2001 issue of "Economic Quarterly." The 1951 Accord was between the Treasury and the Federal Reserve and allowed the monetary policy to support government bond prices. However, no accord has been established for the credit policies of the Federal Reserve. Goodfriend discusses the principles of an accord for the credit policy. The principles might include the credit policy not funding insolvent institutions and Congress not being allowed to direct the Federal Reserve to transfer assets to the Treasury to reduce the federal deficit.

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