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Working Paper
How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the COVID-19 Recession
Bordo, Michael D.; Duca, John V. (2020-11-19)
In the financial crisis and recession induced by the COVID-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds of corporations rated as investment grade before the COVID pandemic. A careful splicing of different unemployment rate series enables us to assess the effectiveness of recent Fed interventions in these long-term debt markets over long sample periods, spanning the Great Depression, Great Recession and ...
Working Papers , Paper 2029

Working Paper
The Federal Home Loan Bank System: the lender of next-to-last resort?
Bech, Morten L.; Ashcraft, Adam B.; Frame, W. Scott (2009)
The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. This paper first documents the significant role played by the FHLB System at the outset of the ongoing financial crisis and then provides evidence about the uses of these funds by their bank and thrift members. We then identify the trade-offs faced by FHLB member-borrowers when choosing between accessing the FHLB System or the Federal Reserve's discount window during ...
FRB Atlanta Working Paper , Paper 2009-04

Conference Paper
Lessons of the past and prospects for the future in lender of last resort theory
Todd, Walker F. (1988)
Proceedings , Paper 215

Journal Article
Lenders of the next-to-last resort: scrip issue in Georgia during the Great Depression
anonymous (1990-09)
Economic Review , Issue Sep , Pages 16-30

Journal Article
The political origins of Section 13(3) of the Federal Reserve Act
Sastry, Parinitha (2018-24-01)
At the height of the financial crisis of 2007-09, the Federal Reserve conducted emergency lending under authority granted to it in the third paragraph of Section 13 of the Federal Reserve Act. This article explores the political and legislative origins of the section, focusing on why Congress chose to endow the central bank with such an authority. The author describes how in the initial passage of the act in 1913, Congress demonstrated its steadfast commitment to the ?real bills? doctrine in two interrelated ways: 1) by limiting what assets the Fed could purchase, discount, and use as ...
Economic Policy Review , Issue 24-1 , Pages 1-33

Conference Paper
A model of the lender of last resort
Goodhart, Charles A. E.; Huang, Haizhou (1999)
Proceedings

Working Paper
Liquidity creation without a lender of last resort: clearing house loan certificates in the Banking Panic of 1907
Tallman, Ellis W.; Moen, Jon R. (2010)
We employ a new data set comprised of disaggregate figures on clearing house loan certificate issues in New York City to document how the dominant national banks were crucial providers of temporary liquidity during the Panic of 1907. Clearing house loan certificates were essentially ?bridge loans? arranged between clearing house members. They enabled and were issued in anticipation of gold imports, which took a few weeks to arrive. The large, New York City national banks acted as private liquidity providers by requesting (and the New York Clearing House issuing) a volume of clearing house ...
Working Papers (Old Series) , Paper 1010

Working Paper
The lender of last resort : a historical perspective
Keleher, Robert E.; Humphrey, Thomas M. (1984)
The current international debt situation has led some analysts to suggest the possibility of a scenario whereby international debt defaults quickly lead to severe strains on domestic commercial banks. In this context, monetary and central bank policy become especially important. And in such circumstances references are often made to the central bank lender of last resort function.
Working Paper , Paper 84-03

Conference Paper
Deposit insurance and lender-of-last-resort functions
Smith, Bruce D.; Sleet, Christopher (2000)
Proceedings

Discussion Paper
Dealer Participation in the TSLF Options Program
Hrung, Warren B.; Fleming, Michael J.; Sarkar, Asani; Denison, Erin (2019-03-06)
Our previous post described the workings of the Term Securities Lending Facility Options Program (TOP), which offered dealers options for obtaining short-term loans over month- and quarter-end dates during the global financial crisis of 2007-08. In this follow-up post, we examine dealer participation in the TOP, including the extent to which dealers bid for options, at what fees, and whether they exercised their options. We also provide evidence on how uncertainty in dealers’ funding positions was related to the demand for the liquidity options.
Liberty Street Economics , Paper 20190306a

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