Necessity and Invention: Monetary Policy Innovation and the Subprime Crisis

Case Solution

Aldo Musacchio, Dante Roscini
Harvard Business School ()

This case describes the efforts of Ben Bernanke, Chairman of the Federal Reserve, to improve liquidity in money markets during the subprime mortgage crisis. The case explains the four main new monetary policy tools (or quantitative easing) that the Federal Reserve used between 2007 and 2009: the Term Auction Facility (TAF), the Credit Facility for Primary Distributors (PDCF), the Term Securities Loan (TSLF). . ) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

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