United-States

Miniature

Implementation of Monetary Policy in the Euro Area and the United States

The monetary policies of the Fed and the ECB have both been subject to significant changes since the 2008 financial crisis. The two central banks have had to adapt to recurring shocks (including, most recently, the COVID-19 pandemic and the inflation shock) by changing their instruments with a view to fulfilling their respective mandates. Following a period of low rates and ballooning balance shee... Lire la suite

Miniature

The Market for Safe Assets

The holding and market of certain so-called safe assets play an essential role in financial stability. The definition of these assets is not consensual, as various qualities can contribute to the safety offered by a financial security: countercyclicality, liquidity, credit quality and stability. The study identifies a set of securities that play the role of safe assets according to these criteria... Lire la suite