struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … monetary policy pivot point. Since November 2011, the ECB has taken on an arguably activist liquidity-provider role relative to … integration. In December 2011, the ECB made clear its intention to inject massive liquidity when faced with crises of scale in …

such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the …

contractions from three related sources: warfare; the so-called �bullion famines�, with liquidity crises; and the irredeemable …

This paper studies banks' liquidity provision in the Lagos and Wright model of monetary exchanges. With aggregate …

policy and therefore ultimately the real economy. In particular, it facilitates banks' liquidity management. This paper aims … at extending the literature which views interbank markets as mutual liquidity insurance mechanism by taking into account … persistence of liquidity shocks. Following a theory of long-term interbank funding a financial system which is modeled as a micro …

When agents are liquidity constrained, two options exist — sell assets or borrow. We compare the allocations arising in …

determine the liquidity returns as an equilibrium outcome. Assuming that money is universally recognizable but bond is not, the … quality and a buyer¡¯s strategy of carrying the counterfeit bond. The equilibrium restrictions imply that the liquidity … sellers randomize between accepting and rejecting the bond of unrecognized quality. Money commands higher liquidity than bond …