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Federal Reserve Bank of Chicago
Chicago Fed Letter
The Structure of Federal Reserve Liabilities
Thomas Haasl
Anna L. Paulson
Sam Schulhofer-Wohl
Abstract

Throughout the financial crisis and its aftermath from late 2008 through October 2014, the Federal Reserve used asset purchases as a potent tool of monetary policy—buying longer-term Treasury and mortgage-backed securities to provide economic stimulus beyond what traditional policy approaches could produce. Consequently, the size and composition of the Fed’s balance sheet changed significantly over this period.


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Thomas Haasl & Anna L. Paulson & Sam Schulhofer-Wohl, "The Structure of Federal Reserve Liabilities" , Federal Reserve Bank of Chicago, Chicago Fed Letter, number 395, 2018.
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Keywords: Monetary policy; payment systems
DOI: 10.21033/cfl-2018-395
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