Search Results
Journal Article
Jargon alert: Liquidity trap
Haltom, Renee Courtois
(2012-01)
Econ Focus
, Volume 16
, Issue 1Q
, Pages 10
Conference Paper
Liquidity and fire sales
LeRoy, Stephen F.; Kelly, David L.
(2005)
A ?fire sale? occurs when the owner of a good offers it for sale at a price strictly below the price that some buyers would willingly pay for the good. He does so because the advantage of the quick sale made possible by the lower price outweighs the higher price that other potential buyers would pay, given the likely delay in locating these buyers in the latter case. Fire sales can occur only in illiquid markets. This paper generalizes earlier treatments of illiquid markets by assuming that the asset can be offered for sale at any time, rather than only after its owner loses his capacity to ...
Proceedings
Journal Article
Resolving the liquidity effect.
Pagan, Adrian R.; Robertson, John C.
(1995-05)
Review
, Issue May
, Pages 33-54
Working Paper
Discretionary monetary policy and the zero lower bound on nominal interest rates
Billi, Roberto M.; Adam, Klaus
(2005)
Ignoring the existence of the zero bound on nominal interest rates one considerably understates the value of monetary commitment in New Keynesian models. A stochastic forward-looking model with an occasionally binding lower bound, calibrated to the U.S. economy, suggests that low values for the natural rate of interest lead to sizeable output losses and deflation under discretionary monetary policy. The fall in output and deflation are much larger than in the case with policy commitment and do not show up at all if the model abstracts from the existence of the lower bound. The welfare losses ...
Research Working Paper
, Paper RWP 05-08
Conference Paper
Hedging bank liquidity risk
Schuermann, Til; Strahan, Philip E.; Gatev, Evan
(2006)
Liquidity risk in banking has been attributed to transactions deposits and their potential to spark runs or panics. We show instead that transactions deposits help banks hedge liquidity risk from unused loan commitments. Bank stock-return volatility increases with unused commitments, but the increase is smaller for banks with high levels of transactions deposits. This deposit-lending risk management synergy becomes more powerful during periods of tight liquidity, when nervous investors move funds into their banks. Our results reverse the standard notion of liquidity risk at banks, where runs ...
Proceedings
, Paper 1024
Working Paper
Sovereign CDS and bond pricing dynamics in emerging markets: does the cheapest-to-deliver option matter?
Cai, Fang; Ammer, John
(2007)
We examine the relationships between credit default swap (CDS) premiums and bond yield spreads for nine emerging market sovereign borrowers. We find that these two measures of credit risk deviate considerably in the short run, due to factors such as liquidity and contract specifications, but we estimate a stable long-term equilibrium relationship for most countries. In particular, CDS premiums tend to move more than one-for-one with yield spreads, which we show is broadly consistent with the presence of a significant "cheapest-to-deliver" (CTD) option. In addition, we find a variety of ...
International Finance Discussion Papers
, Paper 912
Report
Traders' broker choice, market liquidity and market structure
Sarkar, Asani; Chakravarty, Sugato
(1997)
Hedgers and a risk-neutral informed trader choose between a broker who takes a position in the asset (a capital broker) and a broker who does not (a discount broker). The capital broker exploits order flow information to mimic informed trades and offset hedgers' trades, reducing informed profits and hedgers' utility. But the capital broker has a larger capacity to execute hedgers' orders, increasing market depth. In equilibrium, hedgers choose the broker with the lowest price per unit of utility while the informed trader chooses the broker with the lowest price per unit of the informed order ...
Staff Reports
, Paper 28
Journal Article
Real estate liquidity
Krainer, John
(1999)
Residential real estate markets often go through "hot" and "cold" periods. A hot market is one where prices are rising, liquidity is good in that average selling times are short, and the volume of transactions is higher than the norm. Cold markets have just the opposite characteristics - prices are falling, liquidity is poor, and volume is low. In this paper I show how liquidity depends on the value of the housing service flow, which in turn reflects the aggregate state of the economy. I use data from the San Francisco Bay Area to investigate the relationship between marketing times ...
Economic Review
Journal Article
The Fed, liquidity, and credit allocation
Thornton, Daniel L.
(2009-01)
The current financial turmoil has generated considerable discussion of liquidity. Moreover, it has been widely reported that the Federal Reserve played a major role in supplying liquidity to financial markets during this distressed time. This article describes two ways in which the Fed has supplied liquidity since late 2007. The first is traditional: The Fed supplies liquidity by providing credit through open market operations and by lending to depository institutions at the so-called discount window. The second is by enhancing the liquidity of portfolios of some institutions by replacing ...
Review
, Volume 91
, Issue Jan
, Pages 13-22
Working Paper
Bank balance sheet dynamics under a regulatory liquidity-coverage-ratio constraint
VanHoose, David D.; Balasubramanyan, Lakshmi
(2012)
This paper presents a dynamic model of a bank?s optimal choices of imposing a binding liquidity-coverage-ratio (LCR) constraint. Our baseline balance-sheet dynamics starts with portfolio separation and no LCR constraint. Under a scenario in which regulators prohibit banks from applying securities to fulf ll the LCR constraint, portfolio separation continues to hold, but deposit holdings depend on the extent to which the LCR constraint is binding. When banks are allowed to apply securities toward satisfying the constraint, portfolio separation can break down and lead to ambiguous effects on ...
Working Papers (Old Series)
, Paper 1209
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of New York 90 items
Board of Governors of the Federal Reserve System (U.S.) 48 items
Federal Reserve Bank of St. Louis 40 items
Federal Reserve Bank of Chicago 24 items
Federal Reserve Bank of Atlanta 17 items
Federal Reserve Bank of Cleveland 16 items
Federal Reserve Bank of Minneapolis 15 items
Federal Reserve Bank of San Francisco 14 items
Federal Reserve Bank of Kansas City 13 items
Federal Reserve Bank of Richmond 8 items
Federal Reserve Bank of Dallas 5 items
Federal Reserve Bank of Philadelphia 5 items
Federal Reserve Bank of Boston 3 items
show more (8)
show less
FILTER BY Series
Speech 37 items
Staff Reports 31 items
Working Papers 22 items
Proceedings 20 items
Economic Policy Review 19 items
Finance and Economics Discussion Series 17 items
Review 15 items
Research Working Paper 11 items
FRB Atlanta Working Paper 10 items
Federal Reserve Bulletin 10 items
Working Papers (Old Series) 10 items
Research Paper 8 items
FRBSF Economic Letter 7 items
International Finance Discussion Papers 7 items
Staff Report 7 items
Economic Perspectives 6 items
Economic Review 6 items
Current Issues in Economics and Finance 5 items
Working Paper 5 items
Working Paper Series 5 items
Discussion Paper / Institute for Empirical Macroeconomics 4 items
Econ Focus 3 items
Economic Commentary 3 items
Financial Update 3 items
Quarterly Review 3 items
Working Paper Series, Issues in Financial Regulation 3 items
Business Review 2 items
Chicago Fed Letter 2 items
Globalization Institute Working Papers 2 items
Proceedings - Economic Policy Symposium - Jackson Hole 2 items
Working Paper Series, Macroeconomic Issues 2 items
Economic Letter 1 items
Economic Synopses 1 items
Economics Update 1 items
Emerging Issues 1 items
Monetary Trends 1 items
Policy Discussion Papers 1 items
Speeches and Essays 1 items
Supervisory Policy Analysis Working Papers 1 items
Supervisory Research and Analysis Working Papers 1 items
Working Paper Series / Economic Activity Section 1 items
Working Papers in Applied Economic Theory 1 items
show more (37)
show less
FILTER BY Content Type
Working Paper 98 items
Journal Article 87 items
Report 46 items
Speech 38 items
Conference Paper 22 items
Discussion Paper 5 items
Newsletter 2 items
show more (2)
show less
FILTER BY Author
Dudley, William 15 items
Sarkar, Asani 13 items
Thornton, Daniel L. 12 items
Rocheteau, Guillaume 11 items
anonymous 9 items
Christiano, Lawrence J. 8 items
Fleming, Michael J. 8 items
Adrian, Tobias 7 items
McAndrews, James J. 7 items
Lagos, Ricardo 6 items
Sack, Brian P. 6 items
Wen, Yi 6 items
Anderson, Richard G. 5 items
Martin, Antoine 5 items
Chakravarty, Sugato 4 items
Eichenbaum, Martin S. 4 items
Shin, Hyun Song 4 items
Weill, Pierre-Olivier 4 items
Wheelock, David C. 4 items
Ashcraft, Adam B. 3 items
Baxter, Thomas C. 3 items
Bech, Morten L. 3 items
Bernanke, Ben S. 3 items
Chang, Roberto 3 items
Chirinko, Robert S. 3 items
Demiralp, Selva 3 items
Furfine, Craig H. 3 items
Goldberg, Linda S. 3 items
Kambhu, John 3 items
Keister, Todd 3 items
Kroszner, Randall S. 3 items
Leeper, Eric M. 3 items
Locke, Peter 3 items
Potter, Simon M. 3 items
Schlagenhauf, Don E. 3 items
Velasco, Andres 3 items
Wrase, Jeffrey M. 3 items
Adam, Klaus 2 items
Alvarez, Fernando 2 items
Atalay, Enghin 2 items
Atkeson, Andrew 2 items
Bartolini, Leonardo 2 items
Billi, Roberto M. 2 items
Binner, Jane M. 2 items
Chordia, Tarun 2 items
Christensen, Jens H. E. 2 items
Coleman, Wilbur John 2 items
Cunningham, Thomas J. 2 items
Dotsey, Michael 2 items
Einarsson, Tor 2 items
Gilles, Christian 2 items
Goodfriend, Marvin 2 items
Gordon, David B. 2 items
Hagströmer, Björn 2 items
Han, Song 2 items
Haubrich, Joseph G. 2 items
Hilton, R. Spence 2 items
Hoover, Kevin D. 2 items
Hrung, Warren B. 2 items
Ireland, Peter N. 2 items
Keane, Frank M. 2 items
Kehoe, Patrick J. 2 items
Kennedy, Craig 2 items
Kimbrough, Karin 2 items
Krishnan, Neel 2 items
Labadie, Pamela 2 items
Marchioni, Dina 2 items
Marquis, Milton H. 2 items
Miu, Jason 2 items
Nilsson, Birger 2 items
Ohanian, Lee E. 2 items
Oliner, Stephen D. 2 items
Pagan, Adrian R. 2 items
Prati, Alessandro 2 items
Remolona, Eli M. 2 items
Roberds, William 2 items
Robertson, John C. 2 items
Rosengren, Eric S. 2 items
Rudebusch, Glenn D. 2 items
Schnure, Calvin 2 items
Schreft, Stacey L. 2 items
Shen, Pu 2 items
Stockman, Alan C. 2 items
Strahan, Philip E. 2 items
Subrahmanyam, Avanidhar 2 items
Tallman, Ellis W. 2 items
Vickery, James 2 items
Wright, Joshua 2 items
Wright, Randall 2 items
Wu, Tao 2 items
Abdalla, Khalid 1 items
Abken, Peter A. 1 items
Alix, Michael 1 items
Allardice, David R. 1 items
Altig, David E. 1 items
Ammer, John 1 items
Andolfatto, David 1 items
Antunovich, Peter 1 items
Artuc, Erhan 1 items
Auer, Raphael 1 items
Axilrod, Stephen H. 1 items
Balasubramanyan, Lakshmi 1 items
Barbade, Kenneth 1 items
Battalio, Robert 1 items
Becsi, Zsolt 1 items
Bennett, Paul 1 items
Berentsen, Aleksander 1 items
Berger, Allen N. 1 items
Bertola, Giuseppe 1 items
Bhasin, Vijay 1 items
Bianchi, Christopher 1 items
Bianco, Timothy 1 items
Bodenstein, Martin 1 items
Bouwman, Tony 1 items
Brill, Daniel H. 1 items
Broaddus, Alfred 1 items
Burger, Albert E. 1 items
Cai, Fang 1 items
Camargo, Braz 1 items
Campbell, Doug 1 items
Cao, Charles 1 items
Carlson, Mark A. 1 items
Carpenter, Seth B. 1 items
Cecchetti, Stephen G. 1 items
Cetorelli, Nicola 1 items
Champ, Bruce A. 1 items
Cho, In-Koo 1 items
Claessens, Stijn 1 items
Clouse, James A. 1 items
Cohen-Cole, Ethan 1 items
Cole, Rebel A. 1 items
Collins, Sean 1 items
Contessi, Silvio 1 items
Cumming, Christine M. 1 items
Cummins, Jason G. 1 items
D'Amico, Stefania 1 items
Da, Zhi 1 items
Dahlgren, Sarah J. 1 items
De Pace, Pierangelo 1 items
Decker, Paul A. 1 items
Denes, Matthew 1 items
Diamond, Douglas W. 1 items
Diaz-Gimenez, Javier 1 items
Diba, Behzad T. 1 items
Disyatat, Piti 1 items
Dotz, Niko 1 items
Drossos, Evangeline Sophia 1 items
Dueker, Michael J. 1 items
Dybvig, Philip H. 1 items
Edge, Rochelle M. 1 items
Eggertsson, Gauti B. 1 items
Eiben, Ryan 1 items
Elul, Ronel 1 items
Erce, Aitor 1 items
Erceg, Christopher J. 1 items
Etula, Erkko 1 items
Evans, George W. 1 items
Ezer, Michelle Steinberg 1 items
Ferguson, Roger W. 1 items
Fischer, Christoph 1 items
Fisher, Richard W. 1 items
Frame, W. Scott 1 items
Gagnon, Joseph E. 1 items
Gatev, Evan 1 items
Gilbukh, Sophia 1 items
Gilchrist, Simon 1 items
Gillan, James M. 1 items
Glick, Reuven 1 items
Goodhart, Charles A. E. 1 items
Gramlich, Dieter 1 items
Grunewald, Alan E. 1 items
Guidolin, Massimo 1 items
Haltom, Renee Courtois 1 items
Hancock, Diana 1 items
Hardouvelis, Gikas A. 1 items
Hassett, Kevin A. 1 items
Hebden, James 1 items
Heckinger, Richard 1 items
Henderson, Dale W. 1 items
Hirtle, Beverly 1 items
Honkapohja, Seppo 1 items
Humpage, Owen F. 1 items
Hutchison, Michael M. 1 items
Johnson, Kurt 1 items
Jones, Barry E. 1 items
Jordà , Òscar 1 items
Jovanovic, Boyan 1 items
Kahn, Charles M. 1 items
Kashyap, Anil K. 1 items
Kaufman, George G. 1 items
Kawano, Laura 1 items
Kelly, David L. 1 items
Keran, Michael W. 1 items
Kiely, Joseph K. 1 items
Kim, Don H. 1 items
King, Thomas B. 1 items
Klagge, Nicholas 1 items
Kofman, Paul 1 items
Koppl, Thorsten V. 1 items
Kraenzlin, Sebastien 1 items
Krainer, John 1 items
Landau, Jean-Pierre 1 items
LeRoy, Stephen F. 1 items
Leitner, Yaron 1 items
Lester, Benjamin 1 items
Li, Dan 1 items
Li, Victor E. 1 items
Li, Yiting 1 items
Lindé, Jesper 1 items
Liu, Qianqiu 1 items
Longstreet, Victor M. 1 items
Lopez, Jose A. 1 items
Ludvigson, Sydney 1 items
MacGee, James 1 items
Malz, Allan M. 1 items
Marshall, David A. 1 items
Mason, Joseph R. 1 items
McMenamin, Robert 1 items
Mehran, Hamid 1 items
Melick, William R. 1 items
Menkveld, Albert J. 1 items
Miller, Thomas W. 1 items
Mishkin, Frederic S. 1 items
Moen, Jon R. 1 items
Mohey-Deen, Zain 1 items
Moore, Kevin B. 1 items
Morgan, Donald P. 1 items
Morse, Jonathan 1 items
Moser, James T. 1 items
Mosser, Patricia C. 1 items
Myers, Stewart 1 items
Nachman, David C. 1 items
Nunes, Ricardo 1 items
O'Regan, Vaughn 1 items
Oet, Mikhail V. 1 items
Oh, Seonghwan 1 items
Ong, Stephen J. 1 items
Orphanides, Athanasios 1 items
Parkhurst, Charles H. 1 items
Paulson, Anna L. 1 items
Petrasek, Lubomir 1 items
Pierce, James L. 1 items
Plaut, Steven 1 items
Pollock, Alex J. 1 items
Pozsar, Zoltan 1 items
Prescott, Edward C. 1 items
Price, Joe L. 1 items
Pritsker, Matthew 1 items
Rajan, Raghuram G. 1 items
Ramos, Alberto M. 1 items
Raskin, Matthew 1 items
Remache, Julie 1 items
Rose, Andrew K. 1 items
Rosen, Richard J. 1 items
Roush, Jennifer E. 1 items
Rousseau, Peter L. 1 items
Santos, João A. C. 1 items
Schaller, Huntley 1 items
Schaumburg, Ernst 1 items
Schuermann, Til 1 items
Schultz, T. Paul 1 items
Shrader, Jeffrey 1 items
Skeie, David R. 1 items
Small, David H. 1 items
Smith, Bruce 1 items
Smith, Stephen D. 1 items
Sofianos, George 1 items
Soramaki, Kimmo 1 items
Spiegel, Mark M. 1 items
Sporn, John 1 items
Starr, Ross M. 1 items
Steigerwald, Robert 1 items
Stein, Jeremy C. 1 items
Strongin, Steven 1 items
Sundaresan, Suresh 1 items
Tinsley, Peter A. 1 items
Udell, Gregory F. 1 items
Van der Wel, Michel 1 items
VanHoose, David D. 1 items
Venkataraman, Subu 1 items
Villamil, Anne P. 1 items
Wall, Larry D. 1 items
Waller, Christopher J. 1 items
Wang, Jing 1 items
Wang, Junbo 1 items
Wang, Ping 1 items
Wang, Zhenyu 1 items
Warsh, Kevin M. 1 items
Wei, Min 1 items
Weiler, Emanuel T. 1 items
Whited, Toni M. 1 items
Wilcox, James A. 1 items
Williams, John C. 1 items
Winton, Andrew 1 items
Wu, Chunchi 1 items
Wu, Lifan 1 items
Yu, Dahai 1 items
Zhang, Frank X. 1 items
Zhou, Hao 1 items
Zhou, Ruilin 1 items
show more (295)
show less
FILTER BY Keywords
Monetary policy 60 items
Financial crises 34 items
Federal Reserve System 30 items
Interest rates 22 items
Financial markets 16 items
Banks and banking, Central 15 items
Credit 15 items
Federal Reserve Bank of New York 15 items
Inflation (Finance) 15 items
Government securities 14 items
Treasury bonds 14 items
Bank reserves 12 items
Federal Open Market Committee 12 items
Risk 12 items
Bank liquidity 11 items
Mortgage-backed securities 11 items
Monetary policy - United States 10 items
Money supply 10 items
Open market operations 10 items
Asset pricing 9 items
Intermediation (Finance) 9 items
Bank capital 8 items
Financial stability 8 items
Futures 8 items
Investments 8 items
Payment systems 8 items
Portfolio management 8 items
Securities 8 items
Swaps (Finance) 8 items
Systemic risk 8 items
Bank supervision 7 items
Business cycles 7 items
Discount window 7 items
Federal funds rate 7 items
Financial risk management 7 items
Stock market 7 items
Assets (Accounting) 6 items
Debt 6 items
Econometric models 6 items
Economic conditions 6 items
Federal funds market (United States) 6 items
Financial institutions 6 items
Stock - Prices 6 items
Treasury bills 6 items
Auctions 5 items
Banks and banking 5 items
Bonds 5 items
Consumer behavior 5 items
Corporations - Finance 5 items
Derivative securities 5 items
Financial market regulatory reform 5 items
Households - Economic aspects 5 items
Housing - Prices 5 items
Interbank market 5 items
Mortgages 5 items
Risk management 5 items
Banking law 4 items
Capital market 4 items
Dollar, American 4 items
Financial Regulatory Reform (Dodd-Frank Act) 4 items
Fiscal policy 4 items
Hedging (Finance) 4 items
International finance 4 items
Money 4 items
Money market 4 items
Prices 4 items
Rate of return 4 items
Recessions 4 items
Repurchase agreements 4 items
Stocks 4 items
options 4 items
Asset-backed financing 3 items
Bank failures 3 items
Bank loans 3 items
Bankruptcy 3 items
Capital 3 items
Commercial paper 3 items
Consumption (Economics) 3 items
Corporate bonds 3 items
Debts, Public 3 items
Deposit insurance 3 items
Employment 3 items
Federal Deposit Insurance Corporation 3 items
Federal Reserve District, 2nd 3 items
Foreign exchange 3 items
Government-sponsored enterprises 3 items
Municipal bonds 3 items
Treasury notes 3 items
Universities and colleges 3 items
Year 2000 date conversion (Computer systems) 3 items
bond markets 3 items
Banks and banking - History 2 items
Basel capital accord 2 items
Bernanke, Ben S. 2 items
Business enterprises 2 items
Business failures 2 items
Clearinghouses (Banking) 2 items
Debts, External 2 items
Default (Finance) 2 items
Disclosure of information 2 items
Discount 2 items
Emerging markets 2 items
Equilibrium (Economics) 2 items
Federal funds 2 items
Fedwire 2 items
Financial crises - United States 2 items
Financial leverage 2 items
Global financial crisis 2 items
Globalization 2 items
Income 2 items
Inflation risk 2 items
Inflation-indexed bonds 2 items
International trade 2 items
Keynesian economics 2 items
Macroeconomics 2 items
Monetary theory 2 items
Over-the-counter markets 2 items
Real property 2 items
Taxation 2 items
Trade 2 items
lenders of last resort 2 items
Arbitrage 1 items
Asset-liability management 1 items
Bank deposits 1 items
Bank holding companies 1 items
Banking market 1 items
Banks and banking - Regulations 1 items
Banks and banking, Foreign 1 items
Banks and banking, International 1 items
Bonds - Prices 1 items
Brokers 1 items
Budget deficits 1 items
Capital movements 1 items
Cash flow 1 items
Clearing of securities 1 items
Commercial paper issues 1 items
Consumer credit 1 items
Contracts 1 items
Corporate governance 1 items
Counterfeits and counterfeiting 1 items
Credit - United States 1 items
Credit cards 1 items
Credit derivatives 1 items
Credit ratings 1 items
Currency convertibility 1 items
Deficit financing 1 items
Deflation (Finance) 1 items
Dividends 1 items
Dollar 1 items
Econometrics 1 items
Economic conditions - Japan 1 items
Economic indicators 1 items
Economic policy 1 items
Economic surveys 1 items
Electronic trading of securities 1 items
Equity 1 items
Euro 1 items
Euro-dollar market 1 items
European Union 1 items
Executives - Salaries 1 items
Federal Reserve Act 1 items
Federal Reserve System - Independence 1 items
Federal Reserve banks 1 items
Federal Reserve banks - Profits 1 items
Federal home loan banks 1 items
Finance, Personal 1 items
Financial institutions - Law and legislation 1 items
Fiscal policy - European Union countries 1 items
Foreign exchange market 1 items
Fraud 1 items
Game theory 1 items
Going public (Securities) 1 items
Government spending policy 1 items
Greenspan, Alan 1 items
Hedge funds 1 items
Housing - Finance 1 items
Inflation-indexed bonds - United States 1 items
Information theory 1 items
Infrastructure (Economics) 1 items
Insurance 1 items
Insurance industry 1 items
Internet 1 items
Inventories 1 items
Investment banking 1 items
Japan 1 items
Law and legislation 1 items
Life insurance companies 1 items
Loans 1 items
Markets 1 items
Money market funds 1 items
Money theory 1 items
Mortgage loans 1 items
Off balance sheet financing 1 items
Online stockbrokers 1 items
Overdrafts 1 items
Price indexes 1 items
Production (Economic theory) 1 items
Saving and investment 1 items
Search theory 1 items
Securities and Exchange Commission 1 items
Speculation 1 items
Stocks - Rate of return 1 items
Switzerland 1 items
Term Asset-Backed Securities Loan Facility (TALF) 1 items
Transparency 1 items
Troubled Asset Relief Program 1 items
Unemployment insurance 1 items
Wages 1 items
War - Economic aspects 1 items
War finance 1 items
Wealth 1 items
Welfare 1 items
capital asset pricing model 1 items
real estate investments 1 items
securitization 1 items
technological innovations 1 items
time series analysis 1 items
show more (213)
show less