Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/60869 
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dc.contributor.authorFleming, Michael J.en
dc.date.accessioned2012-07-27-
dc.date.accessioned2012-08-17T14:35:53Z-
dc.date.available2012-08-17T14:35:53Z-
dc.date.issued2012-
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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x563en
dc.subject.jelE58en
dc.subject.jelG01en
dc.subject.ddc330en
dc.subject.keywordcentral banken
dc.subject.keywordliquidity facilitiesen
dc.subject.keywordlender of last resorten
dc.titleFederal reserve liquidity provision during the financial crisis of 2007-2009-
dc.typeWorking Paperen
dc.identifier.ppn72024367Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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