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

Conference Paper
Allocating bank regulatory powers: lender of last resort, deposit insurance, and supervision
Kahn, Charles M.; Santos, João A. C. (2001)
Proceedings , Paper 717

Working Paper
Lessons of the past and prospects for the future in lender of last resort theory
Todd, Walker F. (1988)
A history of the changes in the theory of the role of the lender of last resort--as a source of solvency versus liquidity support--and a discussion of the distinction between necessity and convenience (the American and European versions of lender of last resort theory) in mounting rescue operations through the central bank.
Working Papers (Old Series) , Paper 8805

Report
Dealer financial conditions and lender-of-last resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; Sarkar, Asani (2014-05-01)
We examine the financial conditions of dealers that participated in two of the Federal Reserve?s lender-of-last-resort (LOLR) facilities--the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF)--that provided liquidity against a range of assets during 2008-09. Dealers with lower equity returns and greater leverage prior to borrowing from the facilities were more likely to participate in the programs, borrow more, and--in the case of the TSLF--at higher bidding rates. Dealers with less liquid collateral on their balance sheets before the facilities were ...
Staff Reports , Paper 673

Conference Paper
The Fed's failure to act as lender of last resort during the Great Depression, 1929-1933
Wheelock, David C. (1989)
Proceedings , Paper 233

Conference Paper
The lender of last resort: some historical insights
Bordo, Michael D. (1989)
Proceedings , Paper 234

Discussion Paper
Why Do Central Banks Have Discount Windows?
Peristiani, Stavros; Santos, João A. C. (2011-03-30)
Though not literally a window any longer, the “discount window” refers to the facilities that central banks, acting as lender of last resort, use to provide liquidity to commercial banks. While the need for a discount window and lender of last resort has been debated, the basic rationale for their existence is that circumstances can arise, such as bank runs and panics, when even fundamentally sound banks cannot raise liquidity on short notice. Massive discount window borrowing in the immediate aftermath of the September 11 terrorist attack on the United States clearly illustrates the ...
Liberty Street Economics , Paper 20110330

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
Limited commitment and central bank lending
Goodfriend, Marvin; Lacker, Jeffrey M. (1999-10)
Economic Quarterly , Issue Fall , Pages 1-27

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

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