A paper presented at the Federal Reserve Bank of New York conference on Central Bank Liquidity Tools, February 19 …

Special Issue: Central Bank Liquidity Tools and Perspectives on Regulatory Reform …

) there is a shortage of liquidity that a central bank addresses through the extension of credit, (iii) money is necessary to …

Over the course of the recent liquidity crisis, the Federal Reserve made several changes to its primary credit lending …

Central banks repo market operations and liquidity infusions occasion a structural liquidity mismatch in bank balance … sheets and increase the dependence on central bank liquidity. This paper argues for what I term “Circular Monetary Economics …”, an approach to monetary policy that seeks to green and prudentially insulate the design and implementation of liquidity …

credit easing, defined as a combination of lending to financial institutions, providing liquidity directly to key credit …

We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on … on interbank access and volume is stronger than on spreads. Liquidity supply restrictions are exacerbated for cross … price dispersion substantially decreases when the Eurosystem promises unlimited access to liquidity at a fixed price in …