sensitivity of these strains to risk sentiment deterioration. Cross-border flows through banks for excess liquidity support … facilities leaves longer-term patterns of cross-border liquidity and capital flows broadly unchanged. While official sector … liquidity hoarding and “dash for cash” activity are expected to be lower with access to these facilities, initial evidence does …

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

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 …

transmission of monetary policies of the United States, the euro area, Japan, and the United Kingdom. Two other studies use …

banks. These central banks had the capacity to use these swap facilities to provide dollar liquidity to institutions in … important part of the toolbox for dealing with systemic liquidity disruptions …

Using detailed data from the United States, Canada, the United Kingdom, and Japan, we examine the implications of …