ANALYSIS OF THE MONETARY POLICY IN THE USA
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Abstract
The establishment of the Federal Reserve System (FRS) in 1913 marked a pivotal moment in ensuring financial stability. This article scrutinizes the structure, trajectory, and evolution of monetary policy since the inception of the Fed. With shifting trends and the achievement of a low inflation environment coupled with the lower bound challenge, maintaining a dual mandate and the autonomy of the Fed raises questions about the efficacy of current monetary policies. The authors analyze the effectiveness of implemented policies and propose an alternative approach to monetary policy implementation, advocating for mechanisms beyond quantitative easing and forward guidance. They suggest leveraging macroprudential policies and preemptive strategies, such as introducing safeguards and simultaneously setting a diverse range of federal fund rates to address specific market segments in alignment with the Fed's objectives
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