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

  • Erhan Artuç


    (Koc University)

  • Selva Demiralp


    (Koc University)

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.

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Paper provided by Koc University-TUSIAD Economic Research Forum in its series Koç University-TUSIAD Economic Research Forum Working Papers with number 0912.

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Length: 34 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:koc:wpaper:0912
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  1. Artuç, Erhan & Demiralp, Selva, 2010. "Discount window borrowing after 2003: The explicit reduction in implicit costs," Journal of Banking & Finance, Elsevier, vol. 34(4), pages 825-833, April.
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