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

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

' funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis …

I study rollover risk in the wholesale funding market when intermediaries can hold liquidity ex-ante and are subject to … fire sales ex-post. I demonstrate that precautionary liquidity restores multiple equilibria in a global rollover game. An … intermediate liquidity level supports both the usual run equilibrium and an efficient equilibrium. I provide a uniqueness …

We endogenize asset liquidity in a dynamic general equilibrium model with search frictions on asset markets. In the … model, asset liquidity is tantamount to the ease of issuance and resaleability of private financial claims, which is driven … by investors' participation on the search market. Limited market liquidity of private claims creates a role for liquid …

reliance on retail deposit funding and the level of excess liquidity holdings may increase banks’ responsiveness to NIRP. We … segments. We are the first to document the importance of banks’ excess liquidity holdings for the effectiveness of NIRP …, pointing to a strong complementarity of NIRP with central bank liquidity injections, e.g. via asset purchases …

We study how banks manage their liquidity among the various assets at their disposal. We exploit the introduction of … assets over time. Our results imply that frictions in one market for liquidity can spill over to several markets …

We explore the network topology of the federal funds market. This market is important for distributing liquidity …