Skip to:
  1. Main navigation
  2. Main content
  3. Footer
Economic Commentary

Open and Operating Providing Liquidity to Avoid a Crisis

The terrorist attacks of 9/11 triggered a staggering increase in demand for U.S. dollars all over the world, a demand which threatened to disrupt the American payments system but was met swiftly and successfully by the Federal Reserve. Earlier in the nation’s history, the system didn’t respond so well to severe shocks. This Commentary describes financial crises that occurred during one period in which the country had no central bank.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Champ, Bruce. 2003. “Open and Operating Providing Liquidity to Avoid a Crisis.” Federal Reserve Bank of Cleveland, Economic Commentary 2/15/2003.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International