Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/93642
Authors: 
Armantier, Olivier
Sporn, John
Year of Publication: 
2013
Series/Report no.: 
Staff Report, Federal Reserve Bank of New York 635
Abstract: 
During the Great Recession, the Federal Reserve implemented several novel programs to address adverse conditions in financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term Securities Lending Facility, and the disposition of the Maiden Lane II portfolio. These auctions differed from one another in several dimensions: their objectives, rules, and the financial asset being traded. The object of this paper is to document, compare, and provide a rationale for the mechanics of the different auctions implemented by the Federal Reserve during the Great Recession.
Subjects: 
financial crisis
auctions
JEL: 
N22
D02
D44
Document Type: 
Working Paper

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