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Title:Provision of liquidity through the primary credit facility during the financial crisis: a structural analysis PDF Logo
Authors:Artuç, Erhan
Demiralp, Selva
Issue Date:2009
Series/Report no.:TÜSİAD-Koç University Economic Research Forum working paper series 0912
Abstract:Over the course of the recent liquidity crisis, the Federal Reserve made several changes to its primary credit lending facility such as narrowing the spread between the primary credit rate and the target funds rate and increasing the term of the borrowing. In this paper, we use the model developed by Artuç and Demiralp (2008) to provide a structural assessment of the effectiveness of these changes. Our results suggest that these changes were effective in stabilizing the federal funds market.
Subjects:Discount Window
Primary Credit
Federal Funds Market
JEL:E40
E58
Document Type:Working Paper
Appears in Collections:ERF Working Paper Series, TÜSİAD-Koç University Economic Research Forum (ERF)

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