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Series:Policy Hub  Bank:Federal Reserve Bank of Atlanta 

Discussion Paper
Standing Repo Facilities, Then and Now
Recently there have been discussions, both within the FOMC and more broadly, about whether the FOMC should set up a standing repo facility. Such a facility would allow banks to sell safe assets (U.S. Treasury securities) to the Fed, with the assurance of subsequent repurchase, in unlimited quantities at an administered rate. This is not a new idea. In fact, a similar facility was implemented in 1683by the Bank of Amsterdam, the leading central bank of the time, and operated for more than a century afterward. In this article, we describe the motivations, operations, and limitations of the Bank of Amsterdam’s facility and what lessons this historical experience offers for modern-day central banks.
AUTHORS: Quinn, Stephen F.; Roberds, William; Kahn, Charles M.
DATE: 2020-01-01

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