changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

changes in financial intermediaries’ balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold …. Introducing government debt as a competing source of liquidity is a double-edged sword: firms hold more liquidity in every state … of the world, but by squeezing intermediaries' profits and amplifying their leverage cycle, public liquidity increases …

measure) to aggregate different groups of liquidity measures (percent-cost proxies, cost-per-volume proxies, etc.), in order … to accommodate for the ‘different dimensions of liquidity' (Amihud et al., 2005) through a single ‘unified' market …-wide aggregate liquidity metric. The weights for the multiple dimensions are time-varying and depend on three components: the …

, including contagion, flight to collateral, and swings in the issuance volume of the highest quality debt. We explain the …

when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial …

changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently …