Jeffrey Lacker on the History of Fed Credit Policy and the Four Doctrines of Fed Lending
Macro Musings with David Beckworth
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Evolving Federal Reserve Credit Policy
This chapter examines the historical development of the Federal Reserve's credit policy, particularly during the 2007-2009 financial crisis. It contrasts traditional monetary policy with credit policies, exploring their implications on economic stability and the role of the Fed as a lender of last resort. Key historical doctrines, such as the real bills doctrine and their evolution, are discussed to highlight the Fed's changing approach to managing credit and monetary supply.
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