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rule of law

emergency lending, Eric Posner, Great Recession, rule of law
Money & Politics, The Fed & Central Banks

Posner on the Legality of the Fed's Last-Resort Lending

George Selgin/May 19, 2016June 19, 2022

A recent Marginal Revolution post has alerted me to Eric Posner's January 2016 working paper, "What Legal Authority Does the Fed Need During a Financial Crisis?"  Posner's paper is remarkable, both for its assessment of the legality of the Fed's emergency lending operations during the recent crisis,…

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