Gauging aggregate credit market conditions

Jose Lopez

FRBSF Economic Letter, 2009, issue oct19

Abstract: The Federal Reserve and other central banks have responded to the current financial crisis by taking a range of aggressive policy actions aimed at reviving credit markets. In particular, the Fed has pushed the federal funds rate, its key policy instrument, to historically low levels. Research suggests that overall credit conditions since late 2007 have remained tighter than would have been expected based on historical experience and that this tightness may be partly offsetting the Fed?s policy actions.

Keywords: Federal funds rate; Credit (search for similar items in EconPapers)
Date: 2009
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