Various rescue programs were employed by Central Banks during the 2008 Financial Crisis as well as during the Covid-19 induced pandemic. Explain and analyze any one of the rescue programs with a focus on what was the intended effect? (Read chapter 4).
Limit your answer to 3 paragraphs. Make sure the answer is focused and you have an external citation!
In the first half of 2007, as the extent of declining
home prices became apparent, banks and other
financial market participants started to reassess the
value of mortgages and mortgage-backed securities
that they owned, especially those in the subprime
segment of the housing market. The autumn of
2007 saw increasing strains in a number of mar-
ket segments, including asset-backed commercial
paper, and banks also began to exhibit a reluctance
to lend to one another for terms much longer
than overnight. This reluctance was reflected in a
dramatic rise in the London Interbank Offered Rate
(LIBOR) at most maturities greater than overnight.
LIBOR is a measure of the rates at which inter-
national banks make dollar loans to one another.
Since that initial disruption, financial markets have
remained in a state of high volatility, with many
interest rate spreads at historically high levels.
In response to this turbulence, the Fed and the
federal government have taken a series of dramatic
steps. As 2007 came to a close, the Federal
Reserve Board announced the creation of a Term
Auction Facility (TAF), in which fixed amounts of
term funds are auctioned to depository institutions
against any collateral eligible for discount window
loans. So while the TAF substituted an auction
mechanism for the usual fixed interest rate, this
facility can be seen essentially as an extension
of more conventional discount window lending.
In March 2008, the New York Fed provided term
financing to facilitate the purchase of Bear Stearns
by J. P. Morgan Chase through the creation of
a facility that took a set of risky assets off the
company’s balance sheet. That month, the Board
also announced the creation of the Term Securi-
ties Lending Facility (TSLF), swapping Treasury
securities on its balance sheet for less liquid
The Financial Crisis: Toward an Explanation
and Policy Response
I N T H E N E W S
private securities held in the private sector, and the
Primary Dealer Credit Facility (PDCF). These actions,
particularly the latter, represented a significant
expansion of the federal financial safety net by
making available a greater amount of central bank
credit, at prices unavailable in the market, to insti-
tutions (the primary dealers) beyond those banks
that typically borrow at the discount window. . .
In the fall of 2008, financial markets worldwide
experienced another round of heightened volatil-
ity and historic changes: Lehman Brothers filed for
Chapter 11 bankruptcy protection; investment banking
companies Goldman Sachs and Morgan Stanley
successfully submitted applications to become bank
holding companies; Bank of America purchased
Merrill Lynch; Wells Fargo acquired Wachovia; PNC
Financial Services Group purchased National City
Corporation; and the American International Group
received significant financial assistance from the
Federal Reserve and the Treasury Department. On
the policy front, the Federal Reserve announced the
creation of several new lending facilities—including
the Asset-Backed Commercial Paper Money Market
Mutual Fund Liquidity Facility (AMLF), the Commercial
Paper Funding Facility (CPFF), the Money Market
Investor Funding Facility (MMIFF), and the Term
Asset-Backed Securities Loan Facility (TALF), the last
of which became operational in March 2009. The
TALF was designed to support the issuance of asset-
backed securities collateralized by student loans,
auto loans, credit card loans, and loans guaranteed
by the Small Business Administration, while also
expanding the TAF and the TSLF. The creation of
these programs resulted in a tremendous expansion
of the Federal Reserve’s balance sheet. Further-
more, Congress passed the Troubled Asset Relief
Program (TARP) to be administered by the Treasury
Department. And in February 2009, the president
signed the American Recovery and Reinvestment Act,
a fiscal stimulus program of roughly $789 billion. . .
Much of the public policy response to turmoil in
financial markets over the last two years has taken
the form of expanded lending by the Fed and cen-
tral banks in other countries. The extension of credit
to financial institutions has long been one of the
tools available to a central bank for managing the
supply of money—specifically, bank reserves—to
the economy. Indeed, discount window lending
by the 12 Reserve Banks was the primary means
for affecting the money supply at the time the Fed
was created. Over time, open market operations, in
which the Fed buys and sells securities in transac-
tions with market participants, have become the
main tool for managing the money supply. Lending
has became a relatively little-used tool, mainly
accessed by banks with occasional unexpected
flows into or out of their Fed reserve accounts late
in the day. If such banks were to seek funding in
the market, they would likely have to pay above-
normal rates for a short-term (overnight) loan. In
this way, the discount window became a tool for
dampening day-to-day fluctuations in the federal
funds rate. In 2006, average weekly lending by the
Reserve Banks through the discount window was
$59 million. Since the outset of the widespread
market disruptions in the summer of 2007, the Fed
has changed the terms of its lending to banks and
created new lending facilities. In the first three quar-
ters of 2008, weekly Fed lending averaged $132.2
billion, and in the fourth quarter of the year, that
figure rose to $847.8 billion.
Source: Federal Reserve Bank of Richmond Annual
Report 2008, April 2009, by Aaron Steelman and
John A. Weinberg.
Assistance in the Conduct of Monetary Policy. As mentioned above, a primary respon- sibility of the Federal Reserve System is to influence the monetary (and financial) condi-
tions in U.S. financial markets and thus the economy. Federal Reserve Banks conduct
monetary policy in several ways. For example, as discussed above, 5 of the 12 Federal
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Chapter 4 The Federal Reserve System, Monetary Policy, and Interest Rates 97
Reserve Bank presidents serve on the Federal Open Market Committee (FOMC), which
determines monetary policy with respect to the open market sale and purchase of govern-
ment securities and, therefore, interest rates. The Boards of Directors of each Federal
Reserve Bank set and change the discount rate (the interest rate on loans made by Federal Reserve Banks to depository institutions). These loans are transacted through
each Federal Reserve Bank’s discount window and involve the discounting of eligible short-term securities in return for cash loans. Federal Reserve Bank Boards also have dis-
cretion in deciding which banks qualify for discount window loans. As discussed above,
any discount rate change must be reviewed by the Board of Governors of the Federal
Reserve. For example, in an attempt to stimulate the U.S. economy and prevent a severe
economic recession, the Federal Reserve approved 11 decreases in the discount (and fed-
eral funds) rate in 2001.
In the spring of 2008, in an attempt to avoid a deep recession and rescue a failing
financial system, the Federal Reserve took a series of unprecedented steps in the con-
duct of monetary policy. First, Federal Reserve Banks cut interest rates sharply, includ-
ing one cut on a Sunday night in March 2008 (see below). Second, the Federal Reserve
Bank of New York brokered the sale of Bear Stearns, the then fifth largest investment
bank in the United States, to J. P. Morgan Chase. Without this deal, Bear Stearns was
highly likely to fail (and along with it other investment banks in similar situations as
Bear Stearns). To get J. P. Morgan Chase to purchase Bear Stearns, the Fed agreed to
take any losses in Bear Stearns’s investment portfolio up to $29 billion. Similarly, in
September 2008 AIG (one of the world’s largest insurance companies) met with Federal
Reserve officials to ask for desperately needed cash. Concerned about how the firm’s
failure would impact the U.S. financial system, the Federal Reserve agreed to lend $40
billion to AIG to prevent its failure. The financial crisis saw the Fed’s widening regula-
tory arm moving beyond depository institutions to other types of financial institutions.
Third, for the first time Federal Reserve Banks lent directly to Wall Street investment
banks. In the first three days, securities firms borrowed an average of $31.3 billion per
day from the Fed.
While the Federal Reserve’s conduct of monetary policy is primarily designed to
affect the U.S. economy, in our ever increasing global economy, any policy changes
made by the Fed also influence, and are influenced by, international developments. For
example, as discussed below and in Chapter 9, the Fed’s monetary policy actions affect
the U.S. dollar for foreign currency exchange rates. A change in the foreign exchange
value of the dollar affects the foreign currency price of U.S. goods bought and sold on
world markets as well as the dollar price of foreign goods purchased by U.S. citizens.
These transactions, in turn, affect output and price levels in the U.S. economy. There-
fore, it is essential that the Federal Reserve and the FOMC incorporate information about
and analysis of international transactions, movements in foreign exchange rates, and
other international developments as well as U.S. domestic influences when formulating
appropriate monetary policy.
Supervision and Regulation. Each Federal Reserve Bank has supervisory and regula- tory authority over the activities of state-chartered member banks and bank holding com-
panies located in their districts. These activities include (1) the conduct of examinations
and inspections of member banks, bank holding companies, and foreign bank offices by
teams of bank examiners; (2) the authority to issue warnings (e.g., cease and desist orders
should some banking activity be viewed as unsafe or unsound); and (3) the authority to
approve various bank and bank holding company applications for expanded activities (e.g.,
mergers and acquisitions). Further, in the area of bank supervision and regulation, innova-
tions in international banking require continual assessments of, and occasional modifica-
tions in, the Federal Reserve’s procedures and regulations.
Notably, after March 2008, as the Fed stepped in to save investment bank Bear
Stearns from failure, politicians proposed an expanded role for the Fed as the main
supervisor for all financial institutions. In July 2010, the U.S. Congress passed the Wall
The interest rate on loans
made by Federal Reserve
Banks to depository
The facility through which
Federal Reserve Banks issue
loans to depository institutions.
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98 Part 1 Introduction and Overview of Financial Markets
Street Reform and Consumer Protection Act, which called for the Fed to supervise the
most complex financial companies in the United States and gave regulators (including
the Fed) authority to seize and break up any troubled financial firm whose collapse
might cause widespread economic damage. Thus, the Fed’s supervision and regula-
tion duties have spread to include commercial banks as well as other types of financial
Consumer Protection and Community Affairs. The U.S. Congress has assigned the Federal Reserve, through FRBs, with the responsibility to implement federal laws intended
to protect consumers in credit and other financial transactions. These responsibilities
include: writing and interpreting regulations to carry out many of the major consumer
protection laws; reviewing bank compliance with the regulations; investigating complaints
from the public about state member banks’ compliance with consumer protection laws;
addressing issues of state and federal jurisdiction; testifying before Congress on consumer
protection issues; and conducting community development activities. Further, commu-
nity affairs offices at FRBs engage in a wide variety of activities to help financial insti-
tutions, community-based organizations, government entities, and the public understand
and address financial services issues that affect low- and moderate-income people and
Government Services. As discussed above, the Federal Reserve serves as the com- mercial bank for the U.S. Treasury (U.S. government). Each year government agencies
and departments deposit and withdraw billions of dollars from U.S. Treasury operating
accounts held by Federal Reserve Banks. For example, it is the Federal Reserve Banks that
receive deposits relating to federal unemployment taxes, individual income taxes with-
held by payroll deduction, and so on. Further, some of these deposits are not protected by
deposit insurance and must be fully collateralized at all times. It is the Federal Reserve
Banks that hold collateral put up by government agencies. Finally, Federal Reserve Banks
are responsible for the operation of the U.S. savings bond scheme, the issuance of Treasury
securities, and other government-sponsored securities (e.g., Fannie Mae, Freddie Mac—
see Chapter 7). Federal Reserve Banks issue and redeem savings bonds and Treasury secu-
rities, deliver government securities to investors, provide for a wire transfer system for
these securities (the Fedwire), and make periodic payments of interest and principal on
New Currency Issue. Federal Reserve Banks are responsible for the collection and replacement of currency (paper and coin) from circulation. They also distribute new cur-
rency to meet the public’s need for cash. For example, at the end of 1999, the Fed increased
the printing of currency to meet the estimated $697 billion demand for currency result-
ing from the Y2K scare, in which it was feared that computers worldwide (incapable of
recognizing the year 2000) would cease to function on January 1, 2000. Afraid that bank
accounts would be lost, depositors withdrew funds in record amounts. More recently,
beginning in 2011, there was talk of the Treasury minting a $1 trillion platinum coin as
a way of addressing the U.S. debt ceiling crisis. A few, otherwise intended, sentences in
the 1997 Omnibus Consolidated Appropriations Act allowed such a minting as long as the
coin was platinum. Advocates argued that minting the $1 trillion coin to pay off some of
the national debt was a better option than the continued fighting by political leaders over
raising the U.S. debt ceiling. However, talk of this solution was relatively short-lived, as
in January 2013 the Federal Reserve announced that if the Treasury did mint the coin and
present it for payment, the Fed would not accept it.
Check Clearing. The Federal Reserve System operates a central check clearing sys- tem for U.S. banks, routing interbank checks to depository institutions on which they are
written and transferring the appropriate funds from one bank to another. All depository
institutions have accounts with the Federal Reserve Bank in their district for this purpose.
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Chapter 4 The Federal Reserve System, Monetary Policy, and Interest Rates 99
Table 4–2 shows the number and value of checks collected by the Federal Reserve Banks
from 1920 through 2012.
The number of checks cleared through the system peaked in 1990, with 18.60 billion
checks cleared. For several reasons, this fell to 6.62 billion by 2012. Industry consolidation
and greater use of electronic products has resulted in a reduction in the number of checks
written and thus cleared through the Federal Reserve System. Further, in October 2004,
the Check 21 Act, enacted by the Congress and the Federal Reserve, allowed banks to
destroy checks after taking a digital image that is then processed electronically. The Act
begins the process of moving to a paperless environment. Check 21 authorizes the use of a
substitute check (Image Replacement Document) for settlement. The new law is designed
to encourage the adoption of electronic check imaging. It was prompted partly by the
September 11 attacks, which grounded the cargo airplanes that fly 42 billion checks a
year around the United States, threatening to disrupt the financial system. The switch to
electronic processing of checks has saved as much as $3 billion a year for the banking
industry. For customers, the implications are mixed. Because checks are processed much
more quickly, check writers have lost the “float” of several days between the time checks
are deposited and when they are debited from the account.
Wire Transfer Services. The Federal Reserve Banks and their member banks are linked electronically through the Federal Reserve Communications System. This network allows
these institutions to transfer funds and securities nationwide in a matter of minutes. Two
electronic (wire) transfer systems are operated by the Federal Reserve: Fedwire and the
Automated Clearinghouse (ACH). Fedwire is a network linking more than 9,000 domes-
tic banks with the Federal Reserve System. Banks use this network to make deposit and
loan payments, to transfer book entry securities among themselves, and to act as payment
agents on behalf of large corporate customers. 6 Fedwire transfers are typically large dollar
payments (averaging almost $3.0 million per transaction). The Automated Clearinghouse
(ACH) was developed jointly by the private sector and the Federal Reserve System in the
early 1970s and has evolved as a nationwide method to electronically process credit and
debit transfers of funds. Table 4–2 shows the number and dollar value of Fedwire and ACH
6. A second major wire transfer service is the Clearing House Interbank Payments System (CHIPS). CHIPS operates
as a private network, independent of the Federal Reserve. At the core of the CHIPS system are approximately 50 large
U.S. and foreign banks acting as correspondent banks for smaller domestic and international banks in clearing mostly
international transactions in dollars.
Checks Cleared Fedwire Transactions Processed ACH Transactions Processed
Value (in trillions of dollars)
Number (in billions)
Value (in trillions of dollars)
Number (in billions)
Value (in trillions of dollars)
1920 0.42 $ 0.15 0.5 $ 0.03 n.a. n.a. 1930 0.91 0.32 2.0 0.20 n.a. n.a.
1940 1.18 0.28 0.8 0.09 n.a. n.a.
1950 1.96 0.86 1.0 0.51 n.a. n.a.
1960 3.42 1.15 3.0 2.43 n.a. n.a.
1970 7.16 3.33 7.0 12.33 n.a. n.a.
1980 15.72 8.04 43.0 78.59 227 $ 0.29
1990 18.60 12.52 62.6 199.07 1,435 4.66
2000 16.99 13.85 108.3 379.76 4,651 14.02
2005 12.23 15.68 132.4 518.50 8,303 15.96
2010 7.71 8.81 125.1 608.32 11,455 21.37
2012 6.62 8.12 131.6 599.20 12,047 23.90
TABLE 4–2 Number and Value of Checks and Electronic Transactions Processed by the Federal Reserve
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100 Part 1 Introduction and Overview of Financial Markets
transactions processed by Federal Reserve Banks from 1920 through 2012. In contrast to
the falling volume of checks cleared by the Federal Reserve, electronic Fedwire and ACH
transactions processed have grown significantly in recent years.
Research Services. Each Federal Reserve Bank has a staff of professional economists who gather, analyze, and interpret economic data and developments in the banking sec-
tor as well as the overall economy. These research projects are often used in the conduct
of monetary policy by the Federal Reserve. Research papers are freely accessible to the
public, are of very high quality, and are quite readable. This makes them one of the best
resources for economists, investors, FI managers, and any other individual interested in the
operations and performance of the financial system.
Balance Sheet of the Federal Reserve
Table 4–3 shows the balance sheet for the Federal Reserve System for various years from
2007 through 2013. The conduct of monetary policy by the Federal Reserve involves
changes in the assets and liabilities of the Federal Reserve System, which are reflected in
the Federal Reserve System’s balance sheet.
Liabilities. The major liabilities on the Fed’s balance sheet are currency in circulation and reserves (depository institution reserve balances in accounts at Federal Reserve Banks reserves
Depository institutions’ vault
cash plus reserves deposited
at Federal Reserve Banks.
Assets 2007 2008 2010 2013 Percent of Total, 2013
U.S. official reserve assets $ 34.2 $ 35.7 $ 37.0 $ 34.5 1.1%
SDR certificates 2.2 2.2 5.2 5.2 0.1
Treasury currency 38.7 38.7 43.5 45.0 1.4
Federal Reserve float -0.0 -1.5 -1.4 -0.6 -0.0
Interbank loans 48.6 559.7 0.2 0.0 0.0
agreements 46.5 80.0 0.0 0.0 0.0
U.S. Treasury securities 740.6 475.9 1,021.5 1,796.0 55.4
U.S. government agency
securities 0.0 19.7 1,139.6 1,143.4 35.2
Miscellaneous assets 40.5 1,060.2 207.6 220.3 6.8
Total assets $951.3 $2,270.6 $2,453.2 $3,243.8 100.0%
Liabilities and Equity
reserves $ 20.8 $ 860.0 $ 968.1 $1,790.4 55.2%
Vault cash of commercial
banks 55.0 57.7 52.7 59.7 1.8
Deposits due to federal
government 16.4 365.7 340.9 79.4 2.5
Deposits due to government
agencies 1.7 21.1 13.5 20.2 0.6
Currency outside banks 773.9 832.2 930.0 1,117.3 34.4
agreements 44.0 88.4 59.7 105.5 3.3
Miscellaneous liabilities 2.5 3.4 35.3 16.2 0.5
Federal Reserve Bank stock 18.5 21.1 26.5 27.6 0.9
Equity 18.5 21.0 26.5 27.5 0.8
Total liabilities and equity $951.3 $2,270.6 $2,453.2 $3,243.8 100.0%
TABLE 4–3 Balance Sheet of the Federal Reserve (in billions of dollars)
Source: Federal Reserve Board, “Flow of Fund Accounts,” Monetary Authority, June 2013, p. L.108. www.federalreserve.gov
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Chapter 4 The Federal Reserve System, Monetary Policy, and Interest Rates 101
plus vault cash on hand at commercial banks). Their sum is often referred to as the Fed’s
monetary base or money base. We can represent these as follows:
Reserves —depository institution reserve balances at the Fed plus vault cash. Money base —currency in circulation plus reserves.
For example, in March 2013 the monetary base totaled $2.97 trillion, of which $1.85
trillion was reserves and $1.12 trillion was currency in circulation. As we show below,
changes in these accounts are the major determinants of the size of the nation’s money
supply—increases (decreases) in either or both of these balances (e.g., currency in circula-
tion or reserves) will lead to an increase (decrease) in the money supply (see below for a
definition of the U.S. money supply).
Reserve Deposits. The largest liability on the Federal Reserve’s balance sheet (55.2 per- cent of total liabilities and equity) is depository institution reserves. All banks hold reserve
accounts at their local Federal Reserve Bank. These reserve holdings are used to settle
accounts between depository institutions when checks and wire transfers are cleared (see
above). Reserve accounts also influence the size of the money supply (as described below).
Total reserves can be classified into two categories: (1) required reserves (reserves that the Fed requires banks to hold by law) and (2) excess reserves (additional reserves over and above required reserves) that banks choose to hold themselves. Required reserves
are reserves banks must hold by law to back a portion of their customer transaction
accounts (deposits). For example, the Federal Reserve currently requires up to 10 cents of
every dollar of transaction deposit accounts at U.S. commercial banks to be backed with
reserves (see Chapter 13). Thus, required reserves expand or contract with the level of
transaction deposits and with the required reserve ratio set by the Federal Reserve Board.
Because these deposits earn little interest, banks try to keep excess reserves to a minimum.
Excess reserves, on the other hand, may be lent by banks to other banks that do not have
sufficient reserves on hand to meet their required levels.
As the Federal Reserve implements monetary policy, it uses the market for excess
reserves. For example, in the fall of 2008, the Federal Reserve implemented several mea-
sures to provide liquidity to financial markets that had frozen up as a result of the financial
crisis. The liquidity facilities introduced by the Federal Reserve in response to the crisis
created a large quantity of excess reserves at depository institutions (DIs). Specifically, in
October 2008 the Federal Reserve began paying interest on excess reserves for the first
time. 7 Further, during the financial crisis, the Fed set the interest rate it paid on excess
reserves equal to its target for the federal funds rate (see below). This policy essentially
removed the opportunity cost of holding reserves. That is, the interest banks earned by
holding excess reserves was approximately equal to what was previously earned by lend-
ing to other FIs. As a result, banks drastically increased their holdings of excess reserves at
Federal Reserve Banks. Because the U.S. economy was slow to recover from the financial
crisis, the Fed kept the fed funds rate at historic lows into 2013. Thus, banks continued
to hold large amounts of excess reserves. Note in Table 4–3 that depository institution
reserves were 55.2 percent of total liabilities and equity of the Fed in 2013, up from
37.9 percent in 2008. This in turn was up from 2.2 percent in 2007, prior to the start of the
Some observers claim that the large increase in excess reserves implied that many of
the policies introduced by the Federal Reserve in response to the financial crisis were inef-
fective. Rather than promoting the flow of credit to firms and households, critics argued
that the increase in excess reserves indicated that the money lent to banks and other FIs
by the Federal Reserve in late 2008 and 2009 was simply sitting idle in banks’ reserve
accounts. Many asked why banks were choosing to hold so many reserves instead of lend-
ing them out, and some claimed that banks’ lending of their excess reserves was crucial for
Currency in circulation and
reserves (depository institution
reserves and vault cash of
commercial banks) held by the
Reserves the Federal Reserve
requires banks to hold.
Additional reserves banks
choose to hold.
7. On October 1, 2008, the Board of Governors amended its rules governing the payment of interest on excess reserves so that the interest rate on excess balances was set at 25 basis points.
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102 Part 1 Introduction and Overview of Financial Markets
resolving the credit crisis. In this case, the Fed’s lending policy generated a large quantity
of excess reserves without changing banks’ incentives to lend to firms and households.
Thus, the total level of reserves in the banking system is determined almost entirely by
the actions of the central bank and is not necessarily affected by private banks’ lending
Currency Outside Banks. The second largest liability, in terms of percent of total liabil- ities and equity, of the Federal Reserve System is currency in circulation (34.4 percent of
total liabilities and equity in 2013). At the top of each Federal Reserve note ($1 bill, $5 bill,
$10 bill, etc.) is the seal of the Federal Reserve Bank that issued it. Federal Reserve notes
are basically IOUs from the issuing Federal Reserve Bank to the bearer. In the United
States, Federal Reserve notes are recognized as the principal medium of exchange and
therefore function as money (see Chapter 1).
Assets. The major assets on the Federal Re
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