We study how the risks to future liquidity flow across corporate bond, Treasury, and stock markets. We document … distribution “flight-to-safety” effects: a deterioration in the liquidity of high-yield corporate bonds forecasts an increase in … the average liquidity of Treasury securities and a decrease in uncertainty about the liquidity of investment …

We provide new international evidence for a monetary policy liquidity transmission channel in the United States, United … channel, we rely on a nonlinear and international economic set-up to distinguish between times of liquidity crisis and non …

A consistent framework for optimal liquidity management is presented. This framework optimizes the cost of covering …, and adverse market impact are the major drivers of cost. The notion of a deployable liquidity resource, which is … subsequently extend to the notion of a dated liquidity strategy, is introduced. A formalization of LCR as a typical regulatory …

We show that trade frictions in OTC markets result in inefficient private liquidity provision. We develop a dynamic … affect liquidity in secondary markets. This inefficiency can lead to liquidity that is suboptimally low or high compared to … the second best, providing a rationale for the regulation and public provision of liquidity. Moreover, our model …

, and this dampening effect is stronger in periods of market liquidity shortage. …