NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities

Marco Del Negro, Gauti Eggertsson, Andrea Ferrero, Nobuhiro Kiyotaki

NBER Working Paper No. 22259
Issued in May 2016

---- Acknowledgments ----

The views expressed in this paper are solely those of the authors and do not necessarily reflect those of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research. The first draft of this paper (2010) circulated with the title "The Great Escape? A Quantitative Evaluation of the Fed's Non-Standard Policies." We thank Sonia Gilbukh and Micah Smith for outstanding research assistance, and several colleagues at the FRBNY for help in obtaining and constructing financial data and for valuable suggestions (Nancy Duong, Michael Fleming, Domenico Giannone, Ernst Schaumburg, Or Shachar, Zachary Wojtowicz). We also thank for their helpful comments Pierpaolo Benigno, Luis Cespedes, Isabel Correia, Jesús Fernandez-Villaverde, James Hamilton, Thomas Laubach, Zheng Liu, John Moore, Diego Rodriguez, Cedric Tille, Oreste Tristani, Jaume Ventura, as well as participants in various seminars and conferences.

---- Disclosure of Financial Relationships for Andrea Ferrero ----

Since 2014, I have had ongoing consulting relationships with the Bank of England and the Norges Bank.

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