The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility … about the respective roles of the various liquidity facilities would be helpful. …

document how the dominant national banks were crucial providers of temporary liquidity during the Panic of 1907. Clearinghouse … liquidity providers by requesting (and the New York clearinghouse issuing) a volume of clearinghouse loan certificates beyond … their own immediate liquidity needs. While loan certificates were a temporary solution at best to the liquidity crisis in …

Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing …, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback … between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …