Auctions Implemented by the Federal Reserve Bank of New York during the Great Recession

15 Pages Posted: 3 Oct 2013

See all articles by Olivier Armantier

Olivier Armantier

Federal Reserve Bank of New York

John Sporn

Federal Reserve Bank of New York

Date Written: September 1, 2013

Abstract

During the Great Recession, the Federal Reserve implemented several novel programs to address adverse conditions in financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term Securities Lending Facility, and the disposition of the Maiden Lane II portfolio. These auctions differed from one another in several dimensions: their objectives, rules, and the financial asset being traded. The object of this paper is to document, compare, and provide a rationale for the mechanics of the different auctions implemented by the Federal Reserve during the Great Recession.

Keywords: financial crisis, auctions

JEL Classification: D02, D44, N22

Suggested Citation

Armantier, Olivier and Sporn, John, Auctions Implemented by the Federal Reserve Bank of New York during the Great Recession (September 1, 2013). FRB of New York Staff Report No. 635. Available at SSRN: https://ssrn.com/abstract=2334909 or http://dx.doi.org/10.2139/ssrn.2334909

Olivier Armantier (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

John Sporn

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

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