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The provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs … from the domestic liquidity lender of last resort role described by Bagehot in his classic ""Lombard Street."" This paper … documents and analyzes the foreign exchange liquidity providing measures of the Banco Central do Brasil (BCB) in response to …
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The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector...
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This note proposes an update to Figure 1 in "Macroeconomic Shocks and their Propagation" in the Handbook of Macroeconomics of 2016 (Ramey, 2016). Figure 1 of Ramey (2016) reports Impulse-Response Functions (IRFs) of variables of interest to a shock in the Federal Funds Rate, following the...
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