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Persistent link: https://www.econbiz.de/10003387918
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...
Persistent link: https://www.econbiz.de/10010201315
We provide empirical evidence for the existence, magnitude, and economic impact of stigma associated with banks borrowing from the Federal Reserve's discount window facility. We find that, during the height of the financial crisis, banks were willing to pay an average premium of at least 37...
Persistent link: https://www.econbiz.de/10008935736
Using a rich sample of Canadian government securities auctions, we estimate the structural parameters of a share-auction model accounting for asymmetries across bidders. We find little evidence of asymmetries between participants at Canadian government nominal bond auctions. A counter-factual...
Persistent link: https://www.econbiz.de/10003804315
Persistent link: https://www.econbiz.de/10009130397