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- Title
LENDER OF LAST RESORT: WHAT IT IS, WHENCE IT CAME, AND WHY THE FED ISN'T IT.
- Authors
Humphrey, Thomas M.
- Abstract
In this article, the author examines the role of the U.S. Federal Reserve Board to answer whether it fits the mold of the classical "lender of last resort" (LLR). The author notes that many economists believe that the Federal Reserve Board is the LLR, but he explains why he believes that it does not match the traditional model for the LLR and, in fact, deviates so much from the model as to make a joke of the idea that it is an LLR. The author also considers whether the expansion of the role of an LLR by the Board was necessary or correct and asks if it has done more harm than good.
- Subjects
UNITED States; LENDERS of last resort; FINANCIAL institutions; CENTRAL banking industry; UNITED States. Federal Reserve Board; ECONOMIC reform; REGULATORY reform
- Publication
CATO Journal, 2010, Vol 30, Issue 2, p333
- ISSN
0273-3072
- Publication type
Article