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Message de zxzx posté le 02-03-2014 à 21:09:20 (S | E | F)
Bonsoir à tous
Voici un devoir que je dois rendre. Pouvez-vous me dire mes fautes et si la compréhension globale est correcte.
je sais que le texte est un peu long; c'est pourquoi je remercie grandement ceux qui prendront le temps de lire et de me répondre .
"In October 2013, Janet Yellen was appointed chairwoman of the FED by Barack Obama to succeed Ben Bernanke. Experts agreed to say she was ready for the job. Indeed she is widely respected as an academic economist and also for her real world experience in monetary policy. Besides having served as San Francisco Federal Reserve Bank president and FED vice chairwoman, she warmed about housing market risks before the financial crisis.
Questions about tapering _when and how much_ will be the first thing Yellen will have to cut short because the FED has to be clear in their declarations and these will be monitored by investors. Indeed, under Bernanke, FED’s signals send to the market was muddled. Even though he said that the taper could start when unemployment rate will be near to 7%, he decided to punt the decision after that the unemployment rate fell faster than expected because of, at the same time, the government was in trouble with the budget deficit. Agents’ anticipations that rose Treasury yield could be a problem for the debt service.
It begs the question whether this decision was consistent with the FED’s mandate. That’s why Yellen has to ensure that she serves both side of the FED’s dual mandate: price stability and maximum employment while sparing politician expectations. Democrats would like a continuing economic support whereas Republicans are worried about a potential assets bubble.
Concerning the maximum employment, as an expert on labour market, Yellen knows what works or not. She will determine if the decreasing of the unemployment rate du to a large number of workers dropping out the labour force is a cyclical problem and so in the scope of the FED or if it is a structural problem du to aging people and in this case not in the FED’s responsibilities. But Yellen has a dovish reputation and she could decide a go-slow approach on taper if growth and unemployment don’t pick up. To convince the FOMC members to follow her policy, she will need to show she is also concerned about inflation.
Nevertheless the biggest challenge will not be when to end the QE but what will be the consequences. Indeed tools put in place to face up to the crisis were never used before and nobody knows the repercussions on monetary policy changes to the economy. The FED and other banks are now trillions of dollars on their balance sheets. The explosion of credit could be the start of a next crisis."
Modifié par lucile83 le 02-03-2014 23:29
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