Federal Reserve Liquidity Provision during the Financial Crisis of 2007–2009
回顾美联储在2007-2009年金融危机期间前所未有的流动性供给操作，解释其新设和扩大的流动性工具如何履行最后贷款人角色，并评估相关实证研究，为后续研究提供方向。
This review examines the Federal Reserve's (or Fed's) unprecedented liquidity provision during the financial crisis of 2007–2009. It first reviews how the Fed provides liquidity in normal times. It then explains how the Fed's new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity. The review then assesses the growing empirical literature on the effectiveness of the facilities and provides insights as to where further research is warranted.