Ashcraft, Adam B.; Bech, Morten L.; Frame, W. Scott - Federal Reserve Bank of New York - 2008
The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. In this paper, we document the significant role played by the FHLB...
