Covid-19 shock, during the first months of the pandemic. It dramatically increased short-term liquidity needs in the most …. We argue that taking into account the trade credit channel is critical to properly quantify liquidity shortfalls in …

How do banks transmit long-term central bank liquidity injections to borrowers? We exploit unique variation in how the … to SMEs, an elusive policy objective. (ii) We uncover important heterogeneity: banks pass through LTRO liquidity very … differently to multi- bank firms than they do to firms with only one bank. (iii) Differences in liquidity transmission map to …