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Speech
Asset prices and monetary liquidity: a speech to the Seventh Deutsche Bundesbank Spring Conference, Berlin, Germany, May 27, 2005
Ferguson, Roger W.
(2005)
Speech
, Paper 109
Journal Article
Income effects of Federal Reserve liquidity facilities
Klagge, Nicholas; Fleming, Michael J.
(2011-02)
One of the chief actions taken by the Federal Reserve in response to the financial crisis was the introduction or expansion of facilities designed to provide liquidity to the funding markets. A study of the programs suggests that the liquidity facilities generated $20 billion in interest and fee income between August 2007 and December 2009, or $13 billion after taking into account the estimated $7 billion cost of funds. Moreover, the Fed took important steps to limit the credit exposure it incurred in connection with the facilities.
Current Issues in Economics and Finance
, Volume 17
, Issue Feb
Conference Paper
Liquidity risk, liquidity creation and financial fragility: a theory of banking
Diamond, Douglas W.; Rajan, Raghuram G.
(1998-09)
Both investors and borrowers are concerned about liquidity. Investors desire liquidity because they are uncertain about when they will want to eliminate their holding of a financial asset. Borrowers are concerned about liquidity because they are uncertain about their ability to continue to attract or retain funding. We argue that financial intermediation can resolve these liquidity problems that arise in direct lending. Banks enable depositors to withdraw at low cost, as well as buffer firms from the liquidity needs of their investors. We show the bank has to have a somewhat fragile capital ...
Proceedings
, Issue Sep
Conference Paper
Banks as liquidity providers: an explanation for the co-existence of lending and deposit-taking
Rajan, Raghuram G.; Kashyap, Anil K.; Stein, Jeremy C.
(1998)
Proceedings
, Paper 582
Report
A model of liquidity hoarding and term premia in inter-bank markets
Acharya, Viral V.; Skeie, David R.
(2011)
Financial crises are associated with reduced volumes and extreme levels of rates for term inter-bank loans, reflected in the one-month and three-month Libor. We explain such stress by modeling leveraged banks? precautionary demand for liquidity. Asset shocks impair a bank?s ability to roll over debt because of agency problems associated with high leverage. In turn, banks hoard liquidity and decrease term lending as their rollover risk increases over the term of the loan. High levels of short-term leverage and illiquidity of assets lead to low volumes and high rates for term borrowing. In ...
Staff Reports
, Paper 498
Speech
Reflections on the TALF and the Federal Reserve's role as liquidity provider
Sack, Brian P.
(2010)
Remarks at the New York Association for Business Economics, New York City.
Speech
, Paper 26
Conference Paper
Bank liquidity creation and bank capital
Berger, Allen N.; Bouwman, Christa H. S.
(2005)
Recent theory papers by Diamond and Rajan (2000, 2001) and others suggest that banks with higher capital ratios may create less liquidity because capital diminishes financial fragility and/or ?crowds out? deposits. Other contributions suggest the opposite outcome: banks with higher capital ratios may create more liquidity because capital gives them greater capacity to absorb the risks associated with liquidity creation. We construct liquidity creation measures for U.S. banks from 1993-2003 and test these opposing theoretical predictions. Our calculations suggest that the industry created over ...
Proceedings
, Paper 997
Report
Bank commitment relationships, cash flow constraints, and liquidity management
Morgan, Donald P.
(2000)
Evidence in this paper suggests that a close banking relationship--a loan commitment in particular--relaxes cash flow and cash management constraints on firms. Given firms' prospects (Q), the investment and cash flow correlation is substantially lower when firms have a bank loan commitment. The difference in cash flow sensitivity reflects differences in firms' cash management practices in the face of cash flow shocks. Firms with a commitment simply run down their stocks of cash (or borrow more) when their cash flow falls but their investment prospects remain strong. The different ...
Staff Reports
, Paper 108
Conference Paper
Allocating bank regulatory powers: lender of last resort, deposit insurance, and supervision
Kahn, Charles M.; Santos, João A. C.
(2001)
Proceedings
, Paper 717
Report
Financial amplification mechanisms and the Federal Reserve's supply of liquidity during the crisis
Shrader, Jeffrey; Sarkar, Asani
(2010)
The small decline in the value of mortgage-related assets relative to the large total losses associated with the financial crisis suggests the presence of financial amplification mechanisms, which allow relatively small shocks to propagate through the financial system. We review the literature on financial amplification mechanisms and discuss the Federal Reserve's interventions during different stages of the crisis in light of this literature. We interpret the Fed's early-stage liquidity programs as working to dampen balance sheet amplifications arising from the positive feedback between ...
Staff Reports
, Paper 431
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Dudley, William 7 items
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Cumming, Christine M. 2 items
Dahlgren, Sarah J. 2 items
Fleming, Michael J. 2 items
Furlong, Frederick T. 2 items
Goldberg, Linda S. 2 items
Haubrich, Joseph G. 2 items
Keeley, Michael C. 2 items
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Lopez, Jose A. 2 items
Potter, Simon M. 2 items
Rajan, Raghuram G. 2 items
Roberds, William 2 items
Santos, João A. C. 2 items
Skeie, David R. 2 items
Stein, Jeremy C. 2 items
Tabor, Nicholas K. 2 items
Vaughan, Mark D. 2 items
Zhang, Jeffery Y. 2 items
Acharya, Viral V. 1 items
Anari, Ali 1 items
Armantier, Olivier 1 items
Artuc, Erhan 1 items
Ashcraft, Adam B. 1 items
Atalay, Enghin 1 items
Baker, Colleen 1 items
Bech, Morten L. 1 items
Becher, Christopher 1 items
Berger, Allen N. 1 items
Bernanke, Ben S. 1 items
Bhasin, Vijay 1 items
Bhattacharya, Joydeep 1 items
Boesky, Hayley 1 items
Bouwman, Christa H. S. 1 items
Bullard, James B. 1 items
Calomiris, Charles W. 1 items
Carey, Mark S. 1 items
Carletti, Elena 1 items
Cecchetti, Stephen G. 1 items
Cetorelli, Nicola 1 items
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Craig, Ben R. 1 items
Davis, Peter C. 1 items
Demiralp, Selva 1 items
Demirgüč-Kunt, Asli 1 items
Detragiache, Enrica 1 items
Diamond, Douglas W. 1 items
Disyatat, Piti 1 items
Dobbeck, Dianne 1 items
Duygan-Bump, Burcu 1 items
Fecht, Falko 1 items
Ferguson, Roger W. 1 items
Freixas, Xavier 1 items
Furfine, Craig H. 1 items
Galbiati, Marco 1 items
Gale, Douglas 1 items
Gorton, Gary 1 items
Greenspan, Alan 1 items
Hartman, Philipp 1 items
Haslag, Joseph H. 1 items
Jagtiani, Julapa 1 items
Kashyap, Anil K. 1 items
Kennedy, Craig 1 items
Klagge, Nicholas 1 items
Kolari, James 1 items
Krasa, Stefan 1 items
Laliberte, Brendan 1 items
Loutskina, Elena 1 items
Marsh, W. Blake 1 items
Mason, Joseph R. 1 items
Metrick, Andrew 1 items
Mills, David C. 1 items
Miu, Jason 1 items
Morgan, Donald P. 1 items
Mosser, Patricia C. 1 items
Olson, Peter 1 items
Park, Kwangwoo 1 items
Parkinson, Patrick M. 1 items
Passmore, Wayne 1 items
Pennacchi, George 1 items
Pozsar, Zoltan 1 items
Repullo, Rafael 1 items
Rudebusch, Glenn D. 1 items
Sack, Brian P. 1 items
Santos, Joao A. C. 1 items
Sarkar, Asani 1 items
Shin, Hyun Song 1 items
Shrader, Jeffrey 1 items
Spagnolo, Giancarlo 1 items
Stackhouse, Julie L. 1 items
Stojanovic, Dusan 1 items
Suarez, Gustavo A. 1 items
Tallman, Ellis W. 1 items
Temesvary, Judit 1 items
Tracy, Joseph 1 items
Tudela, Merxe 1 items
Willen, Paul S. 1 items
Winton, Andrew 1 items
Yeager, Timothy J. 1 items
Yorulmazer, Tanju 1 items
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Bank liquidity 84 items
Financial crises 20 items
Banks and banking, Central 18 items
Bank capital 14 items
Federal Reserve System 12 items
Liquidity (Economics) 11 items
Credit 10 items
Bank failures 9 items
Payment systems 8 items
Systemic risk 8 items
Financial stability 8 items
Bank supervision 7 items
Federal Reserve Bank of New York 7 items
Asset-backed financing 6 items
Discount window 6 items
Intermediation (Finance) 6 items
Repurchase agreements 6 items
lenders of last resort 6 items
Financial risk management 5 items
Bank loans 4 items
Bank mergers 4 items
Banking law 4 items
Deposit insurance 4 items
Federal Deposit Insurance Corporation 4 items
Financial Regulatory Reform (Dodd-Frank Act) 4 items
Financial institutions 4 items
Interbank market 4 items
International finance 4 items
Mortgage-backed securities 4 items
Assets (Accounting) 3 items
Bank assets 3 items
Bank reserves 3 items
Clearinghouses (Banking) 3 items
Commercial paper 3 items
Derivative securities 3 items
Financial markets 3 items
International liquidity 3 items
Money market funds 3 items
Open market operations 3 items
Recessions 3 items
Risk management 3 items
Auctions 2 items
Bank competition 2 items
Bank holding companies 2 items
Bank investments 2 items
Bankruptcy 2 items
Banks and banking 2 items
Banks and banking - Ratio analysis 2 items
Banks and banking - Regulations 2 items
Banks and banking, Foreign 2 items
Business cycles 2 items
Consumer credit 2 items
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European Central Bank 2 items
Federal Reserve Act 2 items
Federal Reserve banks - Profits 2 items
Fedwire 2 items
Financial leverage 2 items
Financial market regulatory reform 2 items
Global financial crisis 2 items
Government-sponsored enterprises 2 items
Greenspan, Alan 2 items
Housing - Prices 2 items
Interest rates 2 items
International economic relations 2 items
Investments 2 items
Market Fragmentation 2 items
Mutual funds 2 items
Nonbank financial institutions 2 items
Pre-Positioning 2 items
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Risk 2 items
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Swaps (Finance) 2 items
Term Asset-Backed Securities Loan Facility (TALF) 2 items
Troubled Asset Relief Program 2 items
Asset pricing 1 items
Bank Term Funding Program (BTFP) 1 items
Bank affiliates 1 items
Bank balance sheet management 1 items
Bank deposits 1 items
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Banking market 1 items
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Basel III 1 items
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Business failures 1 items
CET1 1 items
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Clearing of securities 1 items
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Dollar, American 1 items
Econometrics 1 items
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Federal Open Market Committee 1 items
Federal Reserve Bank of Boston 1 items
Federal Reserve District, 2nd 1 items
Federal Reserve banks - Auditing 1 items
Federal funds 1 items
Federal funds market (United States) 1 items
Federal government 1 items
Federal home loan banks 1 items
Friedman, Milton 1 items
Game theory 1 items
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Interstate banking 1 items
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Management 1 items
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Monetary theory 1 items
Mortgages 1 items
Over-the-counter markets 1 items
Portfolio management 1 items
Prices 1 items
Public welfare 1 items
Regulation Q: Prohibition Against Payment of Interest on Demand Deposits 1 items
Safe assets 1 items
Stock - Prices 1 items
Subprime mortgage 1 items
Treasury bills 1 items
Uncertainty 1 items
War - Economic aspects 1 items
bank borrowing 1 items
bank capital regulations 1 items
high-quality liquid assets (HQLA) 1 items
loan growth 1 items
unrealized losses 1 items
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