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Term Auction Facility (TAF)

Definition:

TAF was created by the Federal Reserve in December 2007 as bank funding markets got strained during the 2007 financial crisis. Access to 28 and 84 day funding were given to deposit-taking institutions and the program was open to all banks with access to the primary discount window. The last TAF auction was held March 8, 2010.

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Laffer curve

A curve conjecturing that economic output will increase if marginal tax rates are cut. Named after economist Arthur Laffer.

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