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dc.contributor.authorFleming, Michael J.en_US
dc.date.accessioned2012-07-27en_US
dc.date.accessioned2012-08-17T14:35:53Z-
dc.date.available2012-08-17T14:35:53Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/60869-
dc.description.abstractThis paper examines the Federal Reserve's unprecedented liquidity provision during the financial crisis of 2007-2009. It first reviews how the Fed provides liquidity in normal times. It then explains how the Fed's new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity. The paper then assesses the growing empirical literature on the effectiveness of the facilities and provides insights as to where further research is warranted.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 563en_US
dc.subject.jelE58en_US
dc.subject.jelG01en_US
dc.subject.ddc330en_US
dc.subject.keywordcentral banken_US
dc.subject.keywordliquidity facilitiesen_US
dc.subject.keywordlender of last resorten_US
dc.titleFederal reserve liquidity provision during the financial crisis of 2007-2009en_US
dc.typeWorking Paperen_US
dc.identifier.ppn72024367Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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