Mishkin on Fed flexibility
In a speech on 15 February, Fed governor Frederic Mishkin explained how the Federal Reserve has used four different tools to accomplish its objectives of achieving price stability and maximum employment in recent months.
He examined "three tools for supporting market liquidity - namely, open market operations, the discount window, and the newly developed Term Auction Facility", and then discussed "some important principles for adjusting the target federal funds rate, which is the primary tool
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