The Fed Takes on Corporate Credit Risk: An Analysis of the Efficacy of the SMCCF
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We evaluate the efficacy of the Secondary Market Corporate Credit Facility (SMCCF), a program designed to stabilize the corporate bond market in the wake of the Covid-19 shock. The Fed announced the SMCCF on March 23 and expanded the program on April 9. Regression discontinuity estimates imply that
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美国国家经济研究局创建时间：
2020-09-01
