including the stock market macro liquidity deviation factor. We use a probit framework to predict US business cycles, as defined … by the NBER between 1959Q1 and 2011Q4. We find that combining the yield curve parameter with the stock market liquidity … monitoring not only the yield curve but also stock market depth and liquidity, and their deviation from one another …

We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions … eligibility population cutoffs introduced by the federal sector's Municipal Liquidity Facility (MLF) to study the effects of an … emergency liquidity option on yields, primary debt issuance, and public sector employment. We find that while the announcement …

of macro-prudential policy like reserve requirements can help alleviate liquidity shocks to the EM banking system … interbank markets. Money markets enable banks to engage in risk-sharing against liquidity shocks and are sensitive to global … liquidity shocks to EMs as compared to benchmark short-term bond yields. Next, we disentangle the transmission into its various …

and liquidity has increased since the late 1990s, and to a lesser extent because economic growth has slowed. We reach this …

We show that popular models of flight-to-liquidity shocks have strongly counterfactual implicationsfor asset returns … model, we can show that liquidity shocks played a negligible role and became virtually irrelevant after 2010. We also show … that the slowdown in productivity growth, not liquidity shocks, caused the post-2010 fall in the natural rate …