Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/340665 
Year of Publication: 
2021
Citation: 
[Journal:] Journal of Government and Economics (JGE) [ISSN:] 2667-3193 [Volume:] 3 [Article No.:] 100013 [Year:] 2021 [Pages:] 1-10
Publisher: 
Elsevier, Amsterdam
Abstract: 
The economics literature lacks articles that provide a broad roadmap-let alone a logical explanation-of the new set of Federal Reserve policy tools that were created to counter the COVID-19 recession. This study provides an overview of the motivation for these new credit-easing programs-namely to damp feedback mechanisms and channels that would otherwise amplify the downturn and impede a subsequent recovery. The study then briefly assesses the impact of the new policy tools and addresses the risks they might pose. In addition, the new credit easing tools are put into historical context through a discussion of their development as part of the Fed's evolving and expanding role in countering financial crises.
Subjects: 
Financial crises
Federal reserve
Credit easing
Lender of last resort
Corporate bonds
Corporate bond facility
Municipal bonds
JEL: 
E58
E52
G12
G18
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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