In response to the global financial crisis that started in August 2007, central banks provided extraordinary amounts of … liquidity to the financial system. To investigate the effect of central bank liquidity facilities on term interbank lending … shift in model estimates after the announcement of the liquidity facilities suggests that these central bank actions did …

and the optimal policy of a central bank in response to both idiosyncratic and aggregate shocks. In particular, we … the market ex post. We show that a central bank should use different tools to manage different types of shocks …

’s discount window borrowing facility represent a shift in how the nation’s central bank traditionally provided liquidity through … at "Central Bank Liquidity Tools and Perspectives on Regulatory Reform" a conference sponsored by the Federal Reserve …

financial developments for the “lender-of-last-resort” function of central banks and whether traditional policymaking tools … remain effective in the face of modern liquidity crises. Presented at "Central Bank Liquidity Tools and Perspectives on …