. Further, I find strong annual seasonality in borrowed reserves targets, corresponding to an agricultural cycle. It suggests … the Fed no longer defends a target for borrowed reserves and instead allows them to follow the cycle. Subsequently, the … structure, I find that the average monthly interest rates implied by the expectations theory is consistent with the pattern of …

The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier …

, additional liquidity-related and return forecasting factors. Liquidity factors are obtained from a decomposition of the TED …-sectional fit of the yield curve. Second, we find that financial shocks, either in the form of liquidity or risk premium shocks …