PARTICIPANTS
John Cogan, Joe Grundfest, Stephen Langlois, Ron McKinnon, Monika Piazzesi, Martin Schneider, Ken Scott, John Shoven, George Shultz, Johannes Stroebel, John Taylor.
ISSUES DISCUSSED
Brian Madigan, former Director of the Division of Monetary Affairs and FOMC Secretary, addressed the group on the Fed’s actions during the financial crisis. He began by reviewing the details of the programs, in particular focusing on new facilities to lend to banks, and on instances of “unconventional monetary policy”. He then described the content of new, publicly available detailed data on these programs, which outline who got assistance by the Fed, and when. He focused on data about the Term-Auction Facility (TAF), the Asset-Backed Commercial Paper Money Market Mutual Fund Facility (AMLF) and the MBS Purchase Program.
