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Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis
Selva Demiralp Koç University-TUSIAD Economic Research Forum Working Papers from Koc University-TUSIAD Economic Research Forum
Over the course of the recent liquidity crisis, the Federal Reserve made several changes to its primary credit lending facility such as narrowing the spread between the primary credit rate and the target funds rate and increasing the term of the borrowing. In this paper, we use the model developed by Artuç and Demiralp (2008) to provide a structural assessment of the effectiveness of these changes. Our results suggest that these changes were effective in stabilizing the federal funds market.
Keywords: Discount Window; Primary Credit; Federal Funds Market (search for similar items in EconPapers)
JEL-codes: E40 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-mon
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Downloads: (external link) http://eaf.ku.edu.tr/sites/eaf.ku.edu.tr/files/erf_wp_0912.pdf (application/pdf)
Related works: Journal Article: Provision of liquidity through the primary credit facility during the financial crisis: a structural analysis (2010) Working Paper: Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis (2009) This item may be available elsewhere in EconPapers: Search for items with the same title.
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Persistent link: http://EconPapers.repec.org/RePEc:koc:wpaper:0912
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