James Hamilton og eurokrisens tre faser, som sett fra The Fed. Hva blir den fjerde?

Over hos EconBrowser kikker professor Hamilton på hvordan finanskrisen har utartet seg for The Federal Reserve.

Jeg gir deg den første fasen, med medfølgende graf:

I would characterize the period from February 2008 through March of 2009 as the first phase of recent U.S. monetary policy. During this period, the Fed was concerned about the possibility of a full-fledged financial panic, in which no one is sure which financial institutions are going to fail next and as a result nobody is willing to lend to anyone for any purpose. The Fed sought to fulfill its traditional mission of being the lender of last resort, which it implemented through a series of new initiatives summarized in Figure 1 below. The most important of these were currency swaps, the Commercial Paper Funding Facility, and the Term Auction Facility. The Fed also acquired some problematic assets through the Bear Stearns and AIG bailouts, which it has been gradually selling and writing off.

Fed lending dec 11

Her er bildeteksten, så du kan forstå hvor pengen gikk hen:

Figure 1. Details of Fed emergency lending, in billions of dollars, seasonally unadjusted, from Jan 1, 2007 to Dec 14, 2011. swaps: central bank liquidity swaps; AIG: sum of credit extended to American International Group, Inc. plus net portfolio holdings of Maiden Lane II and III plus preferred interest in AIA Aurora LLC and ALICO Holdings LLC; Maiden 1: net portfolio holdings of Maiden Lane LLC; MMIFL: net portfolio holdings of LLCs funded through the Money Market Investor Funding Facility; TALF: loans extended through Term Asset-Backed Securities Loan Facility plus net portfolio holdings of TALF LLC; ABCP: loans extended to Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility; PDCF: loans extended to primary dealer and other broker-dealer credit; discount: sum of primary credit, secondary credit, and seasonal credit; CPFF: net portfolio holdings of LLCs funded through the Commercial Paper Funding Facility; TAC: term auction credit; RP: repurchase agreements;

Fase 2 er 09-10 og QE1. Les hele artikkelen her.

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