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

  • Selva Demiralp

    (Koc University)

  • Erhan Artuc

    (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, increasing the terms of lending, and widening the range of acceptable collateral. 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 most of these changes were highly effective in stabilizing the federal funds market.

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File URL: https://www.economicdynamics.org/meetpapers/2009/paper_215.pdf
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Paper provided by Society for Economic Dynamics in its series 2009 Meeting Papers with number 215.

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Date of creation: 2009
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Handle: RePEc:red:sed009:215
Contact details of provider: Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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  1. Selva Demiralp & Erhan Artuç, 2007. "Discount Window Borrowing after 2003: The Explicit Reduction in Implicit Costs," Koç University-TUSIAD Economic Research Forum Working Papers 0708, Koc University-TUSIAD Economic Research Forum.
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