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The Alphabet Soup Explained: An Analysis of the Special Lending Facilities at the Federal Reserve

Matthew Sherman

CEPR Reports and Issue Briefs from Center for Economic and Policy Research (CEPR)

Abstract: This paper looks at the trends in activity at the Federal Reserve’s newly-created special lending facilities, hoping to provide a better understanding of their operation and significance within financial markets. These facilities were created in response to the financial crisis and have expanded the Fed's balance sheet by over $1 trillion in terms of total assets. This sum is larger than the total price tag of the recent federal stimulus as well as the bank bailout authorized by the TARP. Yet both of these government responses have received enormously more public scrutiny than any of the actions taken by the Federal Reserve.

Keywords: Federal Reserve; special lending facilities (search for similar items in EconPapers)
JEL-codes: G G2 G21 G24 G28 H H2 H25 E E5 E58 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2009-07
New Economics Papers: this item is included in nep-mon and nep-ure
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