Federal Reserve programs during the recent financial crisis sought to provide liquidity to individual firms or industries. An interesting additional question is whether the aggregate amount of liquidity in the economy was appropriate before and during the recent financial crisis.

The boom in real estate prices during the early 2000s and the subsequent bust were key factors underlying the recessions in the United States and Europe.

Most analysts have concluded that the LSAP successfully reduced long-term market interest rates. How, exactly, do LSAP-style programs succeed?

Current excess reserves could create a massive increase in the money supply if banks significantly increase their lending or investing.

FDI flows from overseas parent companies contracted, but intracompany debt and reinvested earnings were affected much more than equity FDI.>

Firms started during recessions, especially those started in 2008, have grown less during the first 3 years of their life than those started in non-recession years.

Firms started during recessions, especially those started in 2008, have grown less during the first 3 years of their life than those started in non-recession years.

Our finding is consistent with some recent, substantial volatility in the U.S. corporate bond market and leaves open a possibility that additional, future shocks to default premia may have long-lived effects.

The Nordic bank resolution is widely regarded as among the most successful in history. ; Also issued as Monetary Trends, April 2009