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The Value of Internal Sources of Funding Liquidity : U.S. Broker-Dealers and the Financial Crisis

Caglio, Cecilia; Copeland, Adam M.; Martin, Antoine - 2021

We use confidential and novel data to measure the benefit to broker-dealers of being affiliated with a bank holding company and the resulting access to internal sources of funding. We accomplish this by comparing the balance sheets of broker-dealers that are associated with bank holding...

Persistent link: https://www.econbiz.de/10013226301

COVID Response : The Municipal Liquidity Facility

Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021

responsibilities. In April 2020, the Federal Reserve announced the establishment of the Municipal Liquidity Facility (MLF) to help …

Persistent link: https://www.econbiz.de/10013211407

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

Acharya, Viral V. - 2013

In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We … investigate how banks scrambled for liquidity in response to this freeze and its implications for corporate borrowing. Commercial …

Persistent link: https://www.econbiz.de/10013077991

The Option Value of Municipal Liquidity : Evidence from Federal Lending Cutoffs during COVID-19

Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021

We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions … eligibility population cutoffs introduced by the federal sector’s Municipal Liquidity Facility (MLF) to study the effects of an … emergency liquidity option on yields, primary debt issuance, and public sector employment. We find that while the announcement …

Persistent link: https://www.econbiz.de/10013322528

Rediscounting Under Aggregate Risk With Moral Hazard

Chapman, James T. E.; Martin, Antoine - 2007

In a 1999 paper, Freeman proposes a model in which discount window lending and open market operations have different outcomes - an important development because in most of the literature the results of these policy tools are indistinguishable. Freeman's conclusion that the central bank should...

Persistent link: https://www.econbiz.de/10014225041

Bank Liquidity, Interbank Markets, and Monetary Policy

Freixas, Xavier - 2010

A major lesson of the recent financial crisis is that the ability of banks to withstand liquidity shocks and to provide …

Persistent link: https://www.econbiz.de/10013152719

Monetary Policy Implementation with an Ample Supply of Reserves

Afonso, Gara - 2020

Methods of monetary policy implementation continue to change. The level of reserve supply—scarce, abundant, or somewhere in between—has implications for the efficiency and effectiveness of an implementation regime. The money market events of September 2019 highlight the need for an...

Persistent link: https://www.econbiz.de/10012843257

Overnight RRP Operations as a Monetary Policy Tool : Some Design Considerations

Frost, Joshua - 2015

We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...

Persistent link: https://www.econbiz.de/10013017428

Overnight RRP Operations as a Monetary Policy Tool : Some Design Considerations

Frost, Joshua - 2015

Persistent link: https://www.econbiz.de/10013027621

Optimal Monetary Policy and Economic Growth

Bhattacharya, Joydeep; Haslag, Joseph; Martin, Antoine - 2010

This paper studies an overlapping generations economy with capital where limited communication and stochastic relocation create an endogenous transactions role for fiat money. We assume a production function with a knowledge externality (Romer-style) that nests economies with endogenous growth...

Persistent link: https://www.econbiz.de/10014061534