particular, we do not find that worse performing banks began hoarding liquidity and indiscriminately reducing their lending …. -- Fed funds ; financial crisis ; liquidity ; interbank lending ; hoarding …

significant changes in U.S. money market liquidity. We develop a model in which U.S. money market spreads respond to foreign … central banks’ exchange-rate management decisions. Foreign central banks remove liquidity from U.S. money markets and cause … spreads to widen by selling Treasuries to supply liquidity to their financial systems. Our analysis focuses on the major oil …