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​The paper concentrates on illustrating and assessing central banks' liquidity operations during the crisis that …, Canada and the United States are analyzed. During the crisis the liquidity operations of central banks have converged. In …
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The economic crisis that began in 2007 and still lingers has invited comparison with the Great Depression of the 1930s. It has also generated renewed interest in Milton Friedman and Anna Schwartz's explanation of the latter as mainly the consequence of the Fed's failure as a lender of last...
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address liquidity and solvency crises has been patchy and inconsistent, with no clear distinction between the two; in … specialized ILLR facilities to address problems of liquidity, adjustment, and debt restructuring in a focused but robust way as …
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cross-section, leverage was the primary determinant of credit spreads and investment during the GFC, but liquidity was more … GFC resembled a combination of productivity and financial shocks, while COVID-19 also featured liquidity shocks. We study … the state-dependent effects of credit and liquidity policies …
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