highlights the importance of liquidity spirals that arise from the interaction of search frictions and endogenous credit … of credit constraints to the depressed housing market. This contraction in credit then deepens the downturn. During booms …

stance, global real interest rates, distorted incentives in credit markets, and financial innovation created the mix of … drivers of asset prices are global liquidity conditions. Central banks flooded the markets with ample liquidity. Mopping up … this excess liquidity will be one major task for central banks worldwide, which needs to be done in a coordinated fashion …

. The attractiveness of bonds as liquidity makes aggregate bond demand downward-sloping, so that greater bond supply raises …

costly credit card debt and holding sizable amounts of low-return liquid assets; this is known as the "credit card debt … for this puzzle: households that accumulate credit card debt may not pay it off using their money in the bank, because … preference uncertainty, and consumer credit and liquidity coexist as means of consumption and saving/borrowing. The calibrated …

, often referred to as housing liquidity, is an important link that connects housing outcomes with real and credit variables … analysis at the county level, is useful for evaluating the performance of the housing market because credit and local … with the behavior of the housing market. The deterioration in housing liquidity was uniform across all house price tiers (i …

This study examines the relative importance of liquidity risk for the time-series and cross-section of stock returns in … test of the Amihud (2002) measure and parametric and non-parametric methods to investigate whether liquidity risk is priced … yield a small distance error, other non-liquidity based models fail to yield economically plausible distance values. Our …

This paper offers new empirical evidence on the marginal propensity to consume out of an unanticipated liquidity shock …

borrow on their credit cards, adding to their existing debt. Thus the cost of relying on credit cards is likely very high for … drop in income from one year to the next, like one resulting from a layoff or a government shutdown, increased their credit … card borrowing. We do not find evidence that a negative income shock raises consumers' likelihood of revolving on credit …