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Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009

Fleming, Michael J. - 2012

This paper examines the Federal Reserve's unprecedented liquidity provision during the financial crisis of 2007 …-2009. It first reviews how the Fed provides liquidity in normal times. It then explains how the Fed's new and expanded … liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the …

Persistent link: https://www.econbiz.de/10013102405

Are banks passive liquidity backstops? : deposit rates and flows during the 2007-2009 crisis

Acharya, Viral V.; Mora, Nada - 2011

Persistent link: https://www.econbiz.de/10009413023

Minimum Price Increment, Competition for Liquidity Provision, and Price Discovery

Fleming, Michael J.; Nguyen, Giang; Ruela, Francisco - 2021

depth, and improved price efficiency.Moreover, slow traders become more competitive in liquidity provision and price …

Persistent link: https://www.econbiz.de/10013244513

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

Acharya, Viral V. - 2013

In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We … investigate how banks scrambled for liquidity in response to this freeze and its implications for corporate borrowing. Commercial …

Persistent link: https://www.econbiz.de/10013077991

Repo Market Effects of the Term Securities Lending Facility

Fleming, Michael J. - 2010

The Term Securities Lending Facility (TSLF) was introduced by the Federal Reserve to promote liquidity in the financing …

Persistent link: https://www.econbiz.de/10013148779

ECB Monetary Operations and the Interbank Repo Market

Dunne, Peter G. - 2014

We examine the relationship between monetary policy operations and interbank borrowing and lending of funds using sovereign bonds as collateral. We first establish that, in the precrisis period, there are important but rather weak relations between these funding sources and that this...

Persistent link: https://www.econbiz.de/10013061127

Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels

Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - 2022

We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels—risky firms just above the IG rating cutoff—enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases peaked...

Persistent link: https://www.econbiz.de/10013298377

Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels

Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - 2022

We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels–risky firms just above the IG rating cutoff–enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases peaked...

Persistent link: https://www.econbiz.de/10013301918

The Federal Reserve’s Market Functioning Purchases

Fleming, Michael J.; Liu, Haoyang; Podjasek, Rich; … - 2021

effective transmission of monetary policy. Market liquidity improved steadily after mid-March, suggesting that the Fed’s efforts …

Persistent link: https://www.econbiz.de/10013309963

MEASURING SYSTEMIC RISK

Acharya, Viral V.; Brownlees, Christian; Engle, Robert; … - In: Managing and Measuring Risk:Emerging Global Standards …

AbstractThe following sections are included:OverviewThe Dodd-Frank Wall Street Reform and Consumer Protection ActEvaluation of the Dodd-Frank ACTMarket-Based Measures of Systemic RiskInterconnectednessStress TestsTransparencyNYU Stern Systemic Risk RankingsSystemic Risk MethodologySystemic Risk...

Persistent link: https://www.econbiz.de/10011206372