shows how Federal Reserve policy measures aimed at providing liquidity and stability to the financial system during and … after the crisis had a major impact on settlement liquidity and thus on the efficiency of clearing and settlement system …

uncertainty regarding their liquidity needs. This paper studies the efficiency of the interbank lending market in allocating funds …. We consider two diferent types of liquidity shocks leading to diferent implications for optimal policy by the central … bank. We show that, when confronted with a distributional liquidity-shock crisis that causes a large disparity in the …

uncertainty regarding their liquidity needs. This paper studies the efficiency of the interbank lending market in allocating funds …. We consider two different types of liquidity shocks leading to different implications for optimal policy by the central … bank. We show that, when confronted with a distributional liquidity-shock crisis that causes a large disparity in the …

potential runs. We derive distinct liquidity, collateral, and asset liquidation constraints, which determine whether a run can … depends on whether it has sufficient liquidity, collateral, and asset liquidation capacity. These determinants are endogenous …

, they are subject to potential runs. We derive distinct liquidity, collateral, and asset liquidation constraints, which … ward off an individual run depends on whether it has sufficient liquidity, collateral, and asset liquidation capacity …

instability can be a consequence of market-wide changes in expectations. We derive a liquidity constraint and a collateral …

an intermediary and derive distinct liquidity and solvency conditions that determine whether a run can be prevented. We … liquidity constraints are again relevant for the stability of financial institutions. …