This essay discusses the powers and limitations of the Federal Reserve’s role as Lender of Last Resort and how it deployed those powers during the financial crisis of 2007-2009. It considers the Fed’s authorities and the frameworks that it relied on in utilizing its powers to calm markets in turmoil and to assist specific financial institutions.
Geithner, Timothy F.
"The Early Phases of the Financial Crisis: Reflections on the Lender of Last Resort,"
Journal of Financial Crises: Vol. 1
Iss. 1, 1-38.
Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol1/iss1/1