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COVID Response : The Municipal Liquidity Facility

Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021

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

Persistent link: https://www.econbiz.de/10013211407

The Option Value of Municipal Liquidity : Evidence from Federal Lending Cutoffs during COVID-19

Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021

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 …

Persistent link: https://www.econbiz.de/10013322528

Liquidity and Leverage

Adrian, Tobias; Shin, Hyun Song - 2010

). Aggregate liquidity can be seen as the rate of change of the aggregate balance sheet of the financial intermediaries …

Persistent link: https://www.econbiz.de/10014217747

Financial Intermediaries and Monetary Economics

Adrian, Tobias; Shin, Hyun Song - 2010

We reconsider the role of financial intermediaries in monetary economics. We explore the hypothesis that financial intermediaries drive the business cycle by way of their role in determining the price of risk. In this framework, balance sheet quantities emerge as a key indicator of risk appetite...

Persistent link: https://www.econbiz.de/10014202494

Monetary Cycles, Financial Cycles and the Business Cycle

Adrian, Tobias - 2010

One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. The economic rationale for this forecasting power usually appeals to expectations of future interest rates, which affect the slope of the term structure. In this paper,...

Persistent link: https://www.econbiz.de/10013149410