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Keywords:Asset-backed financing 

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 ...
Economic Policy Review , Volume 18 , Issue Nov , Pages 29-66

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
Economic Policy Review , Volume 8 , Issue May , Pages 243-255

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
Economic Policy Review , Volume 8 , Issue May , Pages 257-258

Working Paper
How effective were the Federal Reserve emergency liquidity facilities?: evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility

Following the failure of Lehman Brothers in September 2008, short-term credit markets were severely disrupted. In response, the Federal Reserve implemented new and unconventional facilities to help restore liquidity. Many existing analyses of these interventions are confounded by identification problems because they rely on aggregate data. Two unique micro datasets allow us to exploit both time series and cross-sectional variation to evaluate one of the most unusual of these facilities - the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). The AMLF extended ...
Supervisory Research and Analysis Working Papers , Paper QAU10-3

Journal Article
Getting secure

Regional Review , Issue Sum , Pages 13-17

Speech
What the Fed did and why

Remarks at the Westchester County Bankers Association, Tarrytown, New York.
Speech , Paper 27

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.
Speech , Paper 26

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.
Speech , Paper 6

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.
Speech , Paper 46

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.
Speech , Paper 95

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Passmore, Wayne 7 items

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