What was the major change in the way the Fed conducts monetary policy that came about in 2008?

		The Fed started using policy in accordance with monetarism.
		The Fed discontinued the discount window operations.
		The Fed started paying interest on the reserves held by the banks.

The duration of a fixed coupon bond corresponds to:

		the coupon rate of the bond.
		the default risk of the bond.
		the price sensitivity of the bond when interest rate changes.

In a secondary market the prices are much more volatile than the correct value of the securities. However the cost of trading has fallen to zero. How would you characterize this market?

		Informationally efficient but not operationally efficient
		Operationally efficient but not informationally efficient
		Neither operationally or informationally efficient