The Young Fed FD25 Violet must use every edge

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The Young Fed FD25 Violet must use every edgeA new history of crisis responses in the central banks formative years. The long standing description of the Federal Reserve as a lender of last resort refers to the central banks emergency liquidity provision for financial entities in periods of crisis. As Mark Carlson shows, this function was foundational to how the Fed was designed but has, at times, proven challenging to implement. The Young Fed examines the origins of the Federal Reserves