We propose a broad measure of liquidity for the overall financial market by exploiting its connection with the amount … more "noise.'' As such, noise in the Treasury market can be informative and we expect this information about liquidity to … -- high liquidity and low credit risk. Indeed, we find that our "noise'' measure captures episodes of liquidity crises of …

Price-based liquidity metrics are better in 2013-2014 for small trades and large high-yield bond trades, but not for … relative to 2010-2012. This evidence contrasts with the widely-held view among practitioners that liquidity has worsened …-crisis liquidity could be low when markets are stressed. We consider three stress events: extreme VIX increases, extreme bond yield …

Treasury bills and other near-money assets provide owners with liquidity service benefits that are reflected in prices … in the form of a liquidity premium. I relate time variation in this liquidity premium to changes in the opportunity cost … of money: The liquidity service benefits of near-money assets are more valuable when short-term interest rates are high …

explanation is that due to higher liquidity the most recently issued bond tends to trade at a premium to previously issued bonds …, liquidity has commonality across countries in the expected direction. However, the paper documents a novel finding that … questions the standard view of liquidity. Under certain conditions, especially related to credit deterioration and flight to …

We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross … portfolio holdings to be at a given point in time. The perceived liquidity of speculative grade and Rule 144A bonds is …

corporate liquidity. These relations are more pronounced in larger, less risky firms whose debt is a closer substitute for … competition for Treasury securities. In concert, our results suggest that large, financially healthy corporations act as liquidity …

We show that stricter bank liquidity standards can trigger unintended credit booms when there is heterogeneity in … the new equilibrium. A quantitative application to China illustrates the practical relevance of the mechanisms in our …

the industry and commuting-zone levels, and then estimates the impact of the `China shock' on each job-flow type. The … China shock is accounted for by either the increase in Chinese import penetration in the U.S., or by the U.S. policy change … that granted Permanent Normal Trade Relations (PNTR) status to China. We find that the China shock affects U.S. employment …

Using a new case-level dataset we document a set of stylized facts on bankruptcy in China and study how the staggered …