Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis
研究了2007-2008年金融危机初期，美联储如何从仅关注资产负债表规模转向调整资产构成，以向最需要的机构提供流动性。
Realizing that their traditional instruments were inadequate for responding to the crisis that began on August 9, 2007, Federal Reserve officials improvised. Beginning in mid-December 2007, they implemented a series of changes directed at ensuring that liquidity would be distributed to those institutions that needed it most. Conceptually, this meant America's central bankers shifted from focusing solely on the size of their balance sheet, which they use to keep the overnight interbank lending rate close to their chosen target, to manipulating the composition of their assets as well. In this paper, I examine the Federal Reserve's conventional and unconventional responses to the financial crisis of 2007–2008.