area. In a structural VAR, we identify a liquidity shock rooted in the interbank market and use its impulse response … Gertler and Kiyotaki (2010). We highlight two main results. First, an identified liquidity shock causes a sizable and … in 2008–09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the …

In this paper we introduce two measures, the Systemic Liquidity Buffer (SLB) and the Systemic Liquidity Shortfall (SLS …) to assess liquidity in the banking system. The SLB takes an aggregated perspective on liquidity risks in the banking … system. In contrast, the SLS focusses on the problematic banks which suffer a liquidity shortfall. These measures provide an …

liquidity tightened after the Lehman collapse but there is no evidence of fire sales in the German banking sector. Instead, we … observe a broad-based flight to liquidity. The European Central Bank's unconventional monetary policy had a strong impact on … banks' trading behavior by inducing shifts towards eligible securities and reducing pressure on market liquidity. This …

liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the …. Conditional on poor portfolio liquidity, we find that managers of permanently retail-oriented funds tend to move towards higher … when the portfolio liquidity of retail-based funds is higher. The striking effort undertaken by poorly liquid funds with a …