An overview of the US monetary policy since the financial crisis

En este trabajo se revisa la situación económica de Estados Unidos desde el comienzo de la crisis de 2008. Se revisarán las causas que generaron la crisis, sus consecuencias y las medidas convencionales y no convencionales adoptadas por la Reserva Federal. También se observará como han afectado las medidas de la Reserva Federal a le economía y a la bolsa, y finalmente cual es el plan de la Reserva Federal para normalizar su política monetaria. Adicionalmente se realiza una comparación con el Banco Central Europeo.

In this work we will review the economic situation in the United States since the beginning of the economic crisis initiated in 2008. We will review the causes that generated the crisis, its consequences and the conventional and unconventional measures taken by the US central bank, the Federal Reserve (“FED”), to address this situation. We will also review how the measures taken by the FED have affected the real economy and if they could have had any impact on the stock market. Finally, we will observe how the FED plans to return back to a “normal” monetary policy and will do a comparison between the FED approach to the crisis and that of other central banks, concretely the European Central Bank (“ECB”), to see different ways in which a similar situation can be addressed and the key differences between both perspectives.