November 1930, the Banque de France (BdF) lent selectively rather than broadly, providing substantially more liquidity to …

October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we …

theory, migration should play a key role when it comes to insulating per capita consumption from aggregate fluctuations, and …

reserves (a liquidity crisis) occurs endogenously. We show that discount window lending by the LLR is welfare-improving but … reduces banks’ ex-ante incentive to hold monetary reserves, which increases the probability of a liquidity crisis, and can …

efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock …

holdings, in response to the shock. We show that this result can be tied to the theoretical literature and investigate several …