A Black Swan in the Money Market

The recent financial crisis saw a dramatic and persistent jump in interest rate spreads between overnight federal funds and longerterm interbank loans. The Fed took several actions to reduce these spreads including the creation of the Term Auction Facility (TAF). The effectiveness of these policies...

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Veröffentlicht in:	American economic journal. Macroeconomics 2009-01, Vol.1 (1), p.58-83
Hauptverfasser:	Taylor, John B., Williams, John C.
Format:	Artikel
Sprache:	eng
Schlagworte:	Arbitrage Bank liquidity Bank loans Bank markets Black swan event Central banks Discount rates European Central Bank Federal funding Federal funds rate Federal Reserve Bank Federal Reserve monetary policy Financial risk Interest rates LIBOR Liquidity Loans Macroeconomics Money markets Studies Swiss banks Volatility
Online-Zugang:	Volltext
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