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4 posts on "Pandemic response"
September 22, 2020

Expanding the Toolkit: Facilities Established to Respond to the COVID‑19 Pandemic

Anna Kovner and Antoine Martin argue that the “credit” and lending facilities established by the Fed in response to the COVID-19 pandemic, while unprecedented, are a natural extension of the central bank’s existing toolkit.

July 17, 2020

MBS Market Dysfunctions in the Time of COVID‑19

Haoyang Liu, Asani Sarkar, and coauthors study a particular aspect of MBS market disruptions by showing how a long-standing relationship between cash and forward markets broke down, in spite of dealers increasing the provision of liquidity. The analysis also highlights an innovative response by the Federal Reserve that seemed to have helped to normalize market functioning.

May 15, 2020

The Commercial Paper Funding Facility

This post documents dislocations in the commercial paper market following the COVID-19 outbreak that motivated the Fed to create the Commercial Paper Funding Facility, and tracks the subsequent improvement in market conditions.

April 15, 2020

The COVID‑19 Pandemic and the Fed’s Response

In this post, the authors review the Fed’s action following the coronavirus outbreak, and compare it with the response to the 2007-09 financial crisis.

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