NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

An Empirical Analysis of the Fed's Term Auction Facility

Efraim Benmelech

NBER Working Paper No. 18304
Issued in August 2012

---- Acknowledgements -----

I thank Ian Dew-Becker, Charlie Calomiris, Simon Gilchrist, James Hamilton, Laura Jones Dooley, Ross Levine, Jeff Miron, and seminar participants at the Cato Papers on Public Policy Conference for useful comments. I acknowledge financial support from the Cato Institute. All errors are my own. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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