[40] Adler, G., Duval, R., Furceri, D., Kiliç Çelik, S., Koloskova, K., and Poplawski-Ribeiro, M., “Gone with the Headwinds: Global Productivity”, IMF Staff Discussion Papers, No 17/04, 2017. [41] See Coenen, G., “Zero lower bound: is it a problem in the euro area?”, ECB Working Paper Series, No 269, September 2003.
The Federal Reserve will be protected from credit losses by lending amounts less than the market value of the financed security – that is, by applying a "haircut" – and by the $ billion of capital provided by the TARP.