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Journal Article
Theoretical issues of liquidity effects: commentary
Hoover, Kevin D. (1995-05)
Review , Issue May

Working Paper
Liquidity crises in emerging markets: Theory and policy
Velasco, Andres; Chang, Roberto (1999)
We build a model of financial sector illiquidity in an open economy. Illiquidity is defined as a situation in which a country's consolidated financial system has potential short-term obligations that exceed the amount of foreign currency available on short notice. We show that illiquidity is key in the generation of self-fulfilling bank and/or currency crises. We discuss the policy implications of the model and study issues associated with capital inflows and the maturity of external debt, the role of real exchange depreciation, options for financial regulation, fiscal policy, and exchange ...
FRB Atlanta Working Paper , Paper 99-15

Speech
The impact of liquidity, securitization, and banks on the real economy.
Rosengren, Eric S. (2009)
Presentation by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for a Panel Discussion at the Conference on Financial Markets and Monetary Policy, Sponsored by the Federal Reserve Board and the Journal of Money, Credit, and Banking, Washington, D.C., June 5, 2009
Speech , Paper 28

Working Paper
Have money-stock fluctuations had a liquidity effect on expected real interest rates?
Oh, Seonghwan; Diba, Behzad T. (1988)
Working Papers , Paper 88-19

Working Paper
Inventories, liquidity, and the macroeconomy
Wen, Yi (2008)
It is widely believed in the literature that inventory fluctuations are destabilizing to the economy. This paper re-assesses this view by developing an analytically-tractable general-equilibrium model of inventory dynamics based on a precautionary stockout-avoidance motive. The model's predictions are broadly consistent with the U.S. business cycle and key features of inventory behavior, including (i) a large inventory stock-to-sales ratio and a small inventory investment-to-sales ratio in the long run, (ii) excess volatility of production relative to sales, (iii) procyclical inventory ...
Working Papers , Paper 2008-045

Journal Article
The dark side of liquidity
Santos, João A. C.; Haubrich, Joseph G. (1997-09)
A look at the disadvantages of a firm's having too much liquidity, explaining that when a company has a great deal of its worth tied up in liquid assets, it has a harder time attracting investors, who must be convinced that the firm's managers will not "take the money and run."
Economic Commentary , Issue Sep

Journal Article
Have the Fed liquidity facilities had an effect on Libor?
Christensen, Jens H. E. (2009)
In response to turmoil in the interbank lending market, the Federal Reserve inaugurated programs to bolster liquidity beginning in December 2007. Research offers evidence that these liquidity facilities have helped lower the London interbank offered rate, a key market benchmark, significantly from what it otherwise would have been expected to be.
FRBSF Economic Letter

Working Paper
In search of the liquidity effect
Leeper, Eric M.; Gordon, David B. (1991)
A short-run negative relationship between monetary aggregates and interest rates--the "liquidity effect"--is central to popular, political, and academic discussions of monetary policy. This paper searches for this empirical relationship. We use monthly U.S. data since 1954 to ask if the characterization of the liquidity effect is sensitive to: (i) changes in sample period; (ii) conditioning the correlations on additional variables; (iii) assuming money growth is exogenous, and (iv) treating monetary changes as anticipated or unanticipated. ; The correlations change significantly with each ...
International Finance Discussion Papers , Paper 403

Working Paper
SAFE: An early warning system for systemic banking risk
Oet, Mikhail V.; Wang, Jing; Eiben, Ryan; Gramlich, Dieter; Bianco, Timothy; Ong, Stephen J. (2011)
This paper builds on existing microprudential and macroprudential early warning systems (EWSs) to develop a new, hybrid class of models for systemic risk, incorporating the structural characteristics of the fi nancial system and a feedback amplification mechanism. The models explain fi nancial stress using both public and proprietary supervisory data from systemically important institutions, regressing institutional imbalances using an optimal lag method. The Systemic Assessment of Financial Environment (SAFE) EWS monitors microprudential information from the largest bank holding companies to ...
Working Papers (Old Series) , Paper 1129

Journal Article
Identifying the liquidity effect at the daily frequency
Thornton, Daniel L. (2001-07)
Review , Volume 83 , Issue Jul , Pages 59-82

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