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We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed's balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials. [ABSTRACT FROM AUTHOR]

Abstract: This paper examines the modalities of risk sharing in the United States, and their evolution between the pre‐financial crisis period and the post‐crisis one. Reassessing the mechanisms at play in the US economy, we document a lower share of adjustment coming from capital markets, in comparison to previous estimates. The measures taken during the crisis have not impacted the absolute degree of risk sharing, although the relative size of its components has changed, with a stronger role for the federal government. [ABSTRACT FROM AUTHOR]