Kathryn Judge on the Importance of Emergency Lending Facilities at the Federal Reserve
Macro Musings with David Beckworth
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Emergency Lending and Federal Reserve Strategies
This chapter examines the emergency lending tools available to the Federal Reserve, focusing on the discount window and Section 13.3 as critical mechanisms during financial crises. It compares the Fed's responses during the 2008 and 2020 crises, highlighting the importance of liquidity provision and the challenges of targeting support effectively. The discussion underscores the evolving role of the Fed and the need for ongoing dialogue about its responsibilities and strategies in future economic downturns.
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