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Authorized for public release by the FOMC Secretariat on 03/04/2015 Class II FOMC - Restricted (FR) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DIVISION OF MONETARY AFFAIRS Date: March 11, 2009 To: Federal Open Market Committee From: Brian Madigan Subject: Large-Scale Asset Purchases The attached memo by Joseph Gagnon, David Lucca, Jonathan McCarthy, Julie Remache, and Jennifer Roush, “Expanding Large-Scale Asset Purchases: Effectiveness, Benefits, Risks, and Strategies,” provides further analysis of a possible expansion in the size and scope of the Federal Reserve’s asset purchases. This memo complements the paper by Eileen Mauskopf and Dave Reifschneider, “Economic Effects of Large-Scale Purchases of Long-Term Treasury Securities and Agency Debt and MBS,” which was provided to the Committee earlier this week. Page 1 of 1
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