significant changes in U.S. money market liquidity. We develop a model in which U.S. money market spreads respond to foreign … central banks’ exchange-rate management decisions. Foreign central banks remove liquidity from U.S. money markets and cause … spreads to widen by selling Treasuries to supply liquidity to their financial systems. Our analysis focuses on the major oil …

their capacity to create liquidity and channel it to financial institutions and markets in times of stress - a role that has … developments in this area and what they mean for debates and decisions about the design of central bank liquidity policy. Across … the key challenges, choices and considerations facing the designers of central bank liquidity tools today. …

investors lack the basic tools for evaluating more complex structures and liquidity costs; this, in turn, leaves room for …

are vulnerable to liquidity pressures in both their loan origination and servicing activities, and we document that this … sector in aggregate appears to have minimal resources to bring to bear in a stress scenario. We show how the same liquidity …

The liquidity strains that contributed to the meltdown of the mortgage market in the Global Financial Crisis (GFC) re … estate investment trusts (REITs) on short-term funding amplified market disruption in March 2020. However, other liquidity …

This paper examines market liquidity in the post-crisis era in light of concerns that regulatory changes might have … considering additional drivers of market liquidity. We document a stagnation of dealer balance sheets after the financial crisis … liquidity. …

. This has relevance for the discussion of global liquidity and global monetary policy transmission. This paper contributes …

and sold corporate bonds. Funds with negative flows or high liquidity needs liquidated more than others. Yield spreads …-issuer bonds held by unexposed investors. The findings suggest that liquidity-constrained investors with exposure to securitized …