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Marking to Market, Liquidity and Financial Stability

Plantin, Guillaume; Sapra, Haresh; Shin, Hyun Song - 2010

This paper explores the financial stability implications of mark-to-market accounting, in particular its tendency to amplify financial cycles and the "reach for yield". Market prices play a dual role. Not only do they serve as a signal of the underlying fundamentals and the actions taken by...

Persistent link: https://www.econbiz.de/10014047345

The effects of monetary and fiscal policy : the role of financial markets

Friedman, Benjamin M. - In: Realizing rational exuberance : an appreciation of the …, (pp. 201-229). 2011

Persistent link: https://www.econbiz.de/10009707298

U.S. Treasury market functioning from the GFC to the pandemic

Adrian, Tobias; Fleming, Michael J.; Nikolaou, Kleopatra - 2025

discuss their implications for market functioning in both normal times and times of stress. We find that alternative liquidity … providers have stepped in as constraints on dealer liquidity provision have tightened, supporting liquidity during normal times …

Persistent link: https://www.econbiz.de/10015372069

US treasury market functioning from the GFC to the pandemic

Adrian, Tobias; Fleming, Michael J.; Nikolaou, Kleopatra - 2025

Persistent link: https://www.econbiz.de/10015408847

Views on the likelihood of financial crisis

Friedman, Benjamin M. - 1990

Persistent link: https://www.econbiz.de/10000796666

Liquidity and Financial Cycles

Adrian, Tobias; Shin, Hyun Song - 2013

the innovations in the VIX index. Aggregate liquidity can be seen as the rate of change of the aggregate balance sheet of …

Persistent link: https://www.econbiz.de/10014216388

Views on the Likelihood of Financial Crisis

Friedman, Benjamin M. - 2009

A review of major lines of thinking about developments in the 1980s bearing on the likelihood of a financial crisis in the United States supports four principal conclusions:First, financial crises have historically played a major role in large fluctuations in business activity. A financial...

Persistent link: https://www.econbiz.de/10013155886

An index of treasury market liquidity : 1991-2017

Adrian, Tobias; Fleming, Michael J.; Vogt, Erik - 2017

Treasury market liquidity is constructed, reflecting the fact that the varying measures capture different aspects of market … liquidity. The liquidity index is then correlated with various metrics of funding liquidity, volatility, and macroeconomic … conditions. The liquidity index points to poor liquidity during the 2007-09 financial crisis and around the near failure of Long …

Persistent link: https://www.econbiz.de/10011754283

Views on the Likelihood of Financial Crisis

Friedman, Benjamin M. - 1990

A review of major lines of thinking about developments in the 1980s bearing on the likelihood of a financial crisis in the United States supports four principal conclusions:<br>First, financial crises have historically played a major role in large fluctuations in business activity. A financial...

Persistent link: https://www.econbiz.de/10012475624

Financial vulnerability and monetary policy

Adrian, Tobias; Duarte, Fernando - 2017 - Revised September 2017

We present a microfounded New Keynesian model that features financial vulnerabilities. Financial intermediaries' occasionally binding value-at-risk constraints give rise to variation in the pricing of risk that generates time-varying risk in the conditional mean and volatility of the output gap....

Persistent link: https://www.econbiz.de/10011576278