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Liquidity creation without a lender of last resort: clearing house loan certificates in the Banking Panic of 1907

Tallman, Ellis W.; Moen, Jon R. - Federal Reserve Bank of Cleveland - 2010

We employ a new data set comprised of disaggregate figures on clearing house loan certificate issues in New York City to document how the dominant national banks were crucial providers of temporary liquidity during the Panic of 1907. Clearing house loan certificates were essentially “bridge...

Persistent link: https://www.econbiz.de/10008598727

Banking and financial crises in United States history: what guidance can history offer policymakers?

Tallman, Ellis W.; Wicker, Elmus R. - Federal Reserve Bank of Cleveland - 2010

This paper assesses the validity of comparisons between the current financial crisis and past crises in the United States. We highlight aspects of two National Banking Era crises (the Panic of 1873 and the Panic of 1907) that are relevant for comparison with the Panic of 2008. In 1873,...

Persistent link: https://www.econbiz.de/10008598728

Liquidity in asset markets with search frictions

Rocheteau, Guillaume; Lagos, Ricardo - Federal Reserve Bank of Cleveland - 2008

markets: they are a key determinant of bid-ask spreads, trade volume and trading delays—all the dimensions of market liquidity …

Persistent link: https://www.econbiz.de/10005526625

Liquidity in asset markets with search frictions

Lagos, Ricardo; Rocheteau, Guillaume - Federal Reserve Bank of Cleveland - 2007

We study how trading frictions in asset markets affect the distribution of asset holdings, asset prices, efficiency … illiquid markets. A reduction in trading frictions leads to an increase in the dispersion of asset holdings and trade volume …. Transaction costs and intermediaries’ incentives to make markets are nonmonotonic in trade frictions. With the entry of dealers …

Persistent link: https://www.econbiz.de/10005428310

Entry, exit and the determinants of market structure

Dunne, Timothy; Klimek, Shawn D.; Roberts, Mark J.; Xu, … - Federal Reserve Bank of Cleveland - 2009

probability of entry declines. The magnitude of these effects differ substantially across markets due to differences in exogenous …

Persistent link: https://www.econbiz.de/10004967574

The dynamics of market structure and market size in two health services industries

Dunne, Timothy; Klimek, Shawn D.; Roberts, Mark J.; Xu, Yi - Federal Reserve Bank of Cleveland - 2007

The relationship between the size of a market and the competitiveness of the market has been of long-standing interest to IO economists. Empirical studies have used the relationship between the size of the geographic market and both the number of firms in the market and the average sales of the...

Persistent link: https://www.econbiz.de/10005428420