Academic journal article Federal Reserve Bank of New York Economic Policy Review

Editor's Note

Academic journal article Federal Reserve Bank of New York Economic Policy Review

Editor's Note

Article excerpt

The papers in this special volume of the Economic Policy Review all focus on the theme of a 2009 conference on central bank liquidity tools organized by the Federal Reserve Bank of New York: the evaluation of central bank programs implemented to address funding shortages in the markets. Indeed, readers interested in detailed summaries of the conference papers and their discussions will find the overview by Matthew Denes and his coauthors very informative.

Two of the papers presented at the conference are included in this volume: the studies by Stephen G. Cecchetti and Piti Disyatat and by Erhan Artuc and Selva Demiralp. Both papers examine the past actions of central banks in the financial crisis. Cecchetti and Disyatat consider the implications that recent financial developments may have for the fundamental nature of central banks' lender-of-last-resort function and whether the traditional tools at policymakers' disposal remain effective in the face of modern liquidity crises. Artuc and Demiralp investigate whether changes to the Federal Reserve's discount window borrowing facility represent a fundamental shift in the way the Fed traditionally provided liquidity through the primary credit facility as well as whether the Fed would be well served to retain these changes to its borrowing facility indefinitely. …

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