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Fed Credit Policy during the Great Depression

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  • Timothy Sablik

Abstract

Responding to the financial crisis of 2007-09, the Federal Reserve made loans to nonbank firms and purchased (and continues to purchase) mortgage-backed securities. These actions are examples of credit policy, which is distinct from monetary policy. But this is not the first time the central bank has engaged in credit policy. During the Great Depression, Reserve Banks exercised broad authority to lend to nonbank businesses.

Suggested Citation

  • Timothy Sablik, 2013. "Fed Credit Policy during the Great Depression," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue Mar.
    • Handle: RePEc:fip:fedreb:00014
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    Cited by:

    1. David M. Arseneau & José Fillat & Molly Mahar & Donald P. Morgan & Skander J. Van den Heuvel, 2021. "COVID Response: The Main Street Lending Program," Staff Reports 984, Federal Reserve Bank of New York.
    2. Bryane Michael & Svitlana Osaulenko, 2021. "TOWARD A NEW COMPARATIVE PUBLIC LAW OF CENTRAL BANK LEGISLATION: Designing Legislative Mandates for Central Bank Private Securities Assets Purchases and Nominal GDP Targeting," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 10(1), pages 5-38.

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