BetweenFebruary2008andSummer2009 theFedsupplementeditsopenmarket

BetweenFebruary2008andSummer2009 theFedsupplementeditsopenmarket

BetweenFebruary2008andSummer2009 theFedsupplementeditsopenmarket

BetweenFebruary2008andSummer2009 theFedsupplementeditsopenmarket operations withagreatlyexpanded programofdirectlending (bothovernight andshortterm 28 and 84 day loans) to commercial banks, investment banks,brokerage andprimary dealerunitsofbankholding companies.Italsoagreedtoacceptawiderrangeof shorttermsecurities (insteadofacceptingonlyT-Bills)ascollateralontheseloansand eveninitiatedaprogramtobuycommercialpaperfrommoneymarketfunds.A)ExplainwhytheFedcreated alltheseextraordinarydirect lendingfacilities,insteadofsimplyrelyingontraditionalopenmarketpurchases of Treasurysecurities

 

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