This paper examines how liquidity in two actively traded futures markets was affected by the recent financial crisis. Changes to trading volumes, spreads, the level and shape of order books, and the price impact of a trade document a tremendous withdrawal of liquidity from Eurodollar futures...

What are liquidity crises? And what can be done to address them? This short article brings together some personal reflections on this issue, largely based on previous work. In the process, it questions a number of commonly held beliefs that have become part of the conventional wisdom. The...

Over the last decade or so, addressing financial instability has risen to the top of the policy agenda. This essay argues that in order to improve the safeguards against financial instability, it may be desirable to strengthen further the macroprudential orientation of current prudential...