classical models of bank runs. We build a model of banks' liquidity crises that possesses a unique Bayesian equilibrium. In this … equilibrium, there is a positive probability that a solvent bank cannot find liquidity assistance in the market. We derive policy … implications about banking regulation (solvency and liquidity ratios) and interventions of the Lender of Last Resort as well as on …

) who find that interest rates should be increasing regardless of the outstanding aggregate liquidity in the market. We also …

. This work presents one of the first studies of algorithmic trading and its impact on information and liquidity in equity …

are slightly more popular ratios (still below 10%) with virtually no communication of the Liquidity and Cash Flow sub …

This paper investigates the effect of the introduction of exchange-traded funds (ETFs) on the liquidity of individual …

Extreme market outcomes are often followed by a lack of liquidity and a lack of trade. This market collapse seems … uncertainty with liquidity, we specify a simple market where a monopolist financial intermediary makes a market for a propriety … liquidity. Our infinite-horizon example produces short, dramatic decreases in liquidity even though the underlying environment …