Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis

In this paper, we assess the effects of changes to the primarycredit facility since August 2007 by performing out-of-samplesimulations based on a model developed by Artuç andDemiralp (2008). Our results are highly consistent with thepredictions of our 2008 study—that is, the revised discountwindow is effective and plays an essential role in moderatingvolatility in the federal funds market...

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Authors:	Artuç, Erhan ; Demiralp, Selva
Institutions:	Koç Üniversitesi <İstanbul> ; London School of Economics and Political Science
Published in:	London School of Economics and Political Science - Publikationen FRBNY Economic Policy Review ; August 2010, 43-53
Subject:	Notenbank \| Central Bank \| Geldpolitik \| Liquidität \| Finanzkrise \| Banking Crisis \| Emissionsmarkt

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Extent:	628736 bytes 11 p. application/pdf
Type of publication:	Article
Language:	English
Classification:	Financial theory ; Terms and pricing policy ; Individual Articles ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005869395