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1 posts on "Fire sales; TARP; Systemic risk"
April 15, 2014

On Fire‑Sale Externalities, TARP Was Close to Optimal

Imagine that many large and levered banks suffer heavy losses and must quickly sell assets to reduce their leverage. We expect the market price of the assets sold to decline, at least temporarily.

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Posted at 7:00 am in Financial Institutions, Financial Markets | Permalink | Comments (1)

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Asani Sarkar, all economists in the Bank’s Research Group.

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