original set of market activity and liquidity proxies constructed from both pre- and post-trade data. The empirical literature … liquidity in a market dominated by utilitarian traders. We provide evidence that the Eurosystem's operational framework and … participants when reserve requirements become binding lead to a deterioration of market liquidity. Our analysis additionally turns …

incentives to credit insitutions to use actively the interbank market to manage their liquidity needs. In this context, we … their liquidity shocks. This paper specifically focuses on the speed of reversion of transaction costs and available depth … reported evidence points to time-varying liquidity adjustments and identifies liquidity, market activity and the institutional …

This paper offers a new framework for the assessment of financial market liquidity and identifies two types: search … liquidity and systemic liquidity. Search liquidity, i.e. liquidity in “normal” times, is driven by search costs required for a … trader to find a willing buyer for an asset he/she is trying to sell or vice versa. Search liquidity is asset specific …

. This trade-off generates a number of insights about the impact of market conditions, e.g. liquidity and trading horizons …

finds that common shocks – key crisis events as well as changes to global liquidity and risk – have exerted a large effect …

We study the prices that individual banks pay for liquidity (captured by borrowing rates in repos with the central bank … depend in particular on the distribution of liquidity across banks, which is calculated over time using individual banklevel … data on reserve requirements and actual holdings. Banks pay more for liquidity when positions are more imbalanced across …