Auctions implemented by the Federal Reserve Bank of New York during the Great Recession

Olivier Armantier and John Sporn

No 635, Staff Reports from Federal Reserve Bank of New York

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.

Keywords: financial crisis; auctions (search for similar items in EconPapers)
JEL-codes: D02 D44 N22 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2013-09-01
New Economics Papers: this item is included in nep-cba and nep-mon
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Citations: View citations in EconPapers (3)

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