data, methodological improvements, and closer analyses of liquidity risk and the interplay between market liquidity and …This paper examines market liquidity in the post-crisis era, in light of concerns that regulatory changes might have … considering plausible alternative drivers of market liquidity. Using both high- and low-frequency data on U.S. Treasury securities …

This paper examines market liquidity in the post-crisis era in light of concerns that regulatory changes might have … considering additional drivers of market liquidity. We document a stagnation of dealer balance sheets after the financial crisis … liquidity. …

spirals, all of which provide rationales for policies designed to improve welfare. In GKTV’s model, liquidity ratios are found … to be more efficient preemptive tools than capital ratios or loan-to-value ratios. However, these liquidity ratios need …

swift and massive liquidity provision by central banks in the wake of both crises is, at least partly, to be credited to … previous research on the role of central banks as lenders of last resort in crises and on the real effects of bank lending and … regulation. In part, this is due to their neglect of important regulatory choices, which policy-makers are therefore left to take …

. Changes in aggregate balance sheets for intermediaries forecast changes in risk appetite in financial markets, as measured by … the innovations in the VIX index. Aggregate liquidity can be seen as the rate of change of the aggregate balance sheet of …

noncrisis periods. -- financial stability ; systemic risk …

subdued relative to pre-crisis levels. We draw conclusions for theories of financial intermediation and for capital regulation …