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Keywords:Asset-backed financing 

Journal Article
Will the securitization revolution spread?
AUTHORS: Feldman, Ron J.
DATE: 1995-09

Working Paper
Monetary policy with asset-backed money
We study the use of intermediated assets as media of exchange in a neo- classical growth model. An intermediary is delegated control over productive capital and finances itself by issuing claims against the revenue generated by its operations. Unlike physical capital, intermediated claims are assumed to be liquid-they constitute a form of asset-backed money. The intermediary is assumed to control 1) the number of claims outstanding, 2) the dividends paid out to claim holders and 3) the fee charged for collecting the dividend. We find that for patient economies, the first-best allocation can always be implemented as a competitive equilibrium through an appropriately designed intermediary policy rule. The optimal policy requires strictly positive inflation. While it is also possible to implement the first-best by introducing at money and a lump- sum tax instrument, our results demonstrate that neither of these interventions are necessary for efficiency.
AUTHORS: Andolfatto, David; Berentsen, Aleksander; Waller, Christopher J.
DATE: 2013

Journal Article
The Federal Reserve’s Term Asset-Backed Securities Loan Facility
The securitization markets for consumer and business asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), which supply a substantial share of credit to consumers and small businesses, came to a near-complete halt in the fall of 2008, as investors responded to a drastic decline in funding liquidity by curtailing their participation in these markets. In response, the Federal Reserve introduced the TALF program, which extended term loans collateralized by securities to buyers of certain high-quality ABS and CMBS, as part of a broad array of emergency liquidity measures intended to avert lasting harm to the economy. This article describes the TALF program and operations in detail, explains how the terms and conditions of the TALF were intended to restore market liquidity while limiting the risk of loss to the public, and assesses the efficacy of the program. The authors find that, while it is hard to isolate the effect of the TALF, the facility is likely to have made a significant contribution to restoring liquidity in 2009 and 2010.
AUTHORS: Ashcraft, Adam B.; Pozsar, Zoltan; Malz, Allan M.
DATE: 2012-11

Journal Article
Securitization and the efficacy of monetary policy
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
AUTHORS: Estrella, Arturo
DATE: 2002-05

Journal Article
Securitization and the efficacy of monetary policy : commentary
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
AUTHORS: Stanton, Sonya W.
DATE: 2002-05

Speech
What the Fed did and why
Remarks at the Westchester County Bankers Association, Tarrytown, New York.
AUTHORS: Tracy, Joseph
DATE: 2010

Speech
Reflections on the TALF and the Federal Reserve's role as liquidity provider
Remarks at the New York Association for Business Economics, New York City.
AUTHORS: Sack, Brian P.
DATE: 2010

Speech
A preliminary assessment of the TALF
Remarks at the Securities Industry and Financial Markets Association and Pension Real Estate Association's Public-Private Investment Program Summit, New York City.
AUTHORS: Dudley, William
DATE: 2009

Speech
Reducing the systemic risk in shadow maturity transformation
Remarks at the Global Association of Risk Professionals 12th Annual Risk Management Convention, New York City.
AUTHORS: Krieger, Sandra C.
DATE: 2011

Speech
Fixing wholesale funding to build a more stable financial system
Remarks at the New York Bankers Association's 2013 Annual Meeting & Economic Forum, The Waldorf Astoria, New York City.
AUTHORS: Dudley, William
DATE: 2013

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