The Quantitative Tightening Policy of the US Federal Reserve as a Factor of Financial Stability in the Post-Сrisis Recovery

This paper is devoted to the impact of the Fed quantitative tightening policy on the financial stability during the post-crisis recovery of the US economy. By financial stability, we assume monitoring key macroeconomic indicators: inflation, unemployment rate, key rate, wage growth, the volume of assets on the Fed's balance sheet, and the US GDP growth. The implications of the ARDL model revealed that there is a relationship between certain indicators - the volume of assets on the Fed's balance sheet, inflation rate and unemployment rate contribute to the GDP growth. This fact supports the hypothesis about the existence of a relationship between the macroeconomic indicators determined by the regulator while implementing the quantitative tightening policy and the US GDP growth rate. Generally, the largest contribution to the dependent variable was made by the volume of assets on the Fed's balance sheet. Also, there is a relationship between the variables of the same timeline, and between variables with a distributed lag, i.e. statistical significance of determinants exists.