Kathryn Judge on the Importance of Emergency Lending Facilities at the Federal Reserve
Macro Musings with David Beckworth
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Evolving Emergency Lending: The Fed's Crisis Response
This chapter examines the development of Section 13.3 of the Federal Reserve Act, highlighting its critical evolution and application during major financial crises, including the Great Depression, the Great Financial Crisis, and COVID-19. It discusses the increasing necessity for the Fed to support both banks and non-banks in stabilizing the financial system amid ongoing economic challenges.
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