interventions like, for example, the FRB's TALF credit-easing program in 2009. We introduce SCE in competitive credit markets with … only locally around equilibrium outcomes. Policy is needed because competition deters the socially optimal degree of … find it optimal to implement a targeted subsidy to induce low interest rates and, as a by-product, generate new information …

interventions like, for example, the FRB's TALF credit-easing program in 2009. We introduce SCE in competitive credit markets with … only locally around equilibrium outcomes. Policy is needed because competition deters the socially optimal degree of … find it optimal to implement a targeted subsidy to induce low interest rates and, as a by-product, generate new information …

contrast, by the 3rd quarter of the 2010, there was on average no subsidy in TALF loans. The theoretical model is used to … with Federal Reserve loans. It finds that subsidy rates on these loans were on average 33.9 percent at origination. In … predict the early redemption of Term Asset-Backed Securities Loan Facility (TALF) loans used to purchase commercial mortgage …