This paper investigates the effectiveness of one of the Federal Reserve’s unconventional monetary policy tools, the term auction facility (TAF). At issue is whether the TAF reduced the spread between the London interbank offered rate (LIBOR) rates and equivalent-term Treasury rates by reducing...

Remarks at the Eighth Annual BIS Conference, Basel, Switzerland.

Remarks at the Partnership for New York City Discussion, New York City.

Remarks at The Economic Club of New York, New York City.

Remarks at the 2010 Institute of International Finance Annual Membership Meeting, Washington, D.C.

Remarks at the Eighth Annual BIS Conference, Basel, Switzerland.

Remarks at the Partnership for New York City Discussion, New York City.

Remarks at The Economic Club of New York, New York City.

Remarks at the 2010 Institute of International Finance Annual Membership Meeting, Washington, D.C.

This paper investigates the effectiveness of one of the Fed’s unconventional monetary policy tools, the term auction facility (TAF). At issue is whether the TAF reduced the spread between LIBOR rates and equivalent-term Treasury rates by reducing the liquidity premium embedded in LIBOR rates....