Punter of last resort | vox - Research-based policy analysis and commentary from leading economists

Punter of last resort | vox - Research-based policy analysis and commentary from leading economists: "the shortest-term interbank lending rate for which data are available (on a consistent basis) from before and after the founding of the Fed.2 Figure 1b shows the month-to-month changes in this interest rate. The only reason this rate is now viewed as ‘risk-free’ is that the Fed takes away the risk."