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 …

responsibilities. In April 2020, the Federal Reserve announced the establishment of the Municipal Liquidity Facility (MLF) to help …

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

We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions … eligibility population cutoffs introduced by the federal sector’s Municipal Liquidity Facility (MLF) to study the effects of an … emergency liquidity option on yields, primary debt issuance, and public sector employment. We find that while the announcement …

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

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