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Discussion Paper

Helping State and Local Governments Stay Liquid


Abstract: On April 9, the Federal Reserve announced up to $2.3 trillion in new support for the economy in response to the coronavirus pandemic. Among the initiatives is the Municipal Liquidity Facility (MLF), intended to support state and local governments. The details of the facility are described in the term sheet. The state and local sector is a unique but very important part of the economy. This post lays out some of the economics of the sector and the needs that the facility intends to satisfy.

Keywords: state government; local governments; COVID-19; municipal government; facility;

JEL Classification: E52; H0;

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Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2020-04-10

Number: 20200410b