全球智库信息集成服务系统(G2TT): How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the Covid-19 Recession

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w28097
来源ID	Working Paper 28097
	How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the Covid-19 Recession
	Michael D. Bordo; John V. Duca
发表日期	2020-11-16
出版年	2020
语种	英语
摘要	In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds of corporations rated as investment grade before the Covid pandemic at spreads roughly 1 percentage point above non-recession averages. A careful splicing of different unemployment rate series enables us to assess the effectiveness of recent Fed interventions in these long-term debt markets over long sample periods, spanning the Great Depression, Great Recession and the Covid Recession. Findings indicate that the announcement of forthcoming corporate bond backstop facilities have capped risk premia at levels 100 basis points above non-recession averages, akin to a “penalty rate” for lender of last resort interventions during financial crises. In doing so, these Fed facilities have limited the role of external finance premia in amplifying the macroeconomic impact of the Covid pandemic. Nevertheless, the corporate bond programs blend the roles of the Federal Reserve in conducting monetary policy via its balance sheet, acting as a lender of last resort, and pursuing credit policies.
主题	Macroeconomics ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; COVID-19
URL	https://www.nber.org/papers/w28097
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/585771
推荐引用方式 GB/T 7714	Michael D. Bordo,John V. Duca. How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the Covid-19 Recession. 2020.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w28097.pdf（605KB）	智库出版物		限制开放	CC BY-NC-SA	浏览