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Income effects of Federal Reserve liquidity facilities

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  • Michael J. Fleming
  • Nicholas J. Klagge

Abstract

One of the chief actions taken by the Federal Reserve in response to the financial crisis was the introduction or expansion of facilities designed to provide liquidity to the funding markets. A study of the programs suggests that the liquidity facilities generated $20 billion in interest and fee income between August 2007 and December 2009, or $13 billion after taking into account the estimated $7 billion cost of funds. Moreover, the Fed took important steps to limit the credit exposure it incurred in connection with the facilities.

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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): 17 (2011)
Issue (Month): Feb ()
Pages:

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Handle: RePEc:fip:fednci:y:2011:i:feb:n:v.17no.1

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Related research

Keywords: Federal Reserve System ; Liquidity (Economics) ; Bank liquidity ; Treasury bills ; Federal Reserve banks - Profits;

References

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  1. Niel Willardson & LuAnne Pederson, 2010. "Federal Reserve liquidity programs: an update," The Region, Federal Reserve Bank of Minneapolis, issue June, pages 14-25.
  2. Stephen G. Cecchetti, 2009. "Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 51-75, Winter.
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Cited by:
  1. Tobias Adrian & Karin Kimbrough & Dina Marchioni, 2011. "The Federal Reserve’s Commercial Paper Funding Facility," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 25-39.
  2. William Goulding & Daniel E. Nolle, 2012. "Foreign banks in the U.S.: a primer," International Finance Discussion Papers 1064, Board of Governors of the Federal Reserve System (U.S.).
  3. Spence Hilton & James McAndrews, 2011. "Challenges and lessons of the Federal Reserve's monetary policy operations during the financial crisis," Chapters, European Central Bank.

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