Liquidity Requirements and Central Bank Interventions During Banking Crises

References

• Adrian T, Boyarchenko N (2018) Liquidity policies and systemic risk. J. Financial Intermediary 35:45–60.Crossref, Google Scholar
• Allen F, Carletti E, Gale D (2014) Money, financial stability and efficiency. J. Econom. Theory 149:100–127.Crossref, Google Scholar
• Allen F, Gale D (1998) Optimal financial crises. J. Finance 53(4):1245–1284.Crossref, Google Scholar
• Allen F, Gale D (2004) Financial intermediaries and markets. Econometrica 72(4):1023–1061.Crossref, Google Scholar
• Allen F, Gale D (2017) How should bank liquidity be regulated? Evanoff D, Kaufman G, Leonello A, Manganelli S, eds. Achieving Financial Stability: Challenges To Prudential Regulation, vol. 61 (World Scientific, Singapore), 135–157.Google Scholar
• Alvarez F, Lippi F, Robatto R (2019) Cost of inflation in inventory theoretical models. Rev. Econom. Dynamics 32:206–226.Crossref, Google Scholar
• Anderson H, Hachem K, Zhang S (2022) Reallocating liquidity to resolve a crisis: Evidence from the panic of 1873. Working paper, University of Virginia, Charlottesville, VA.Google Scholar
• Andolfatto D, Berentsen A, Martin FM (2020) Money, banking, and financial markets. Rev. Econom. Stud. 87(5):2049–2086.Crossref, Google Scholar
• Bech M, Keister T (2017) Liquidity regulation and the implementation of monetary policy. J. Monetary Econom. 92:64–77.Crossref, Google Scholar
• Benigno P, Robatto R (2019) Private money creation, liquidity crises, and government interventions. J. Monetary Econom. 106:42–58.Crossref, Google Scholar
• Bianchi J (2011) Overborrowing and systemic externalities in the business cycle. Amer. Econom. Rev. 101(7):3400–3426.Crossref, Google Scholar
• Calomiris CW, Heider F, Hoerova M (2015) A theory of bank liquidity requirements. Working paper, Columbia Business School, New York.Google Scholar
• Carapella F (2012) Banking panics and deflation in dynamic general equilibrium. Working paper, Federal Reserve Board of Governors, Washington, DC.Google Scholar
• Cooper R, Corbae D (2002) Financial collapse: A lesson from the great depression. J. Econom. Theory 107(2):159–190.Crossref, Google Scholar
• Dávila E, Korinek A (2018) Pecuniary externalities in economies with financial frictions. Rev. Econom. Stud. 85(1):352–395.Crossref, Google Scholar
• Diamond DW, Dybvig PH (1983) Bank runs, deposit insurance, and liquidity. J. Political Econom. 91(3):401–419.Crossref, Google Scholar
• Diamond DW, Kashyap AK (2016) Liquidity requirements, liquidity choice, and financial stability. Taylor JB, Uhlig H, eds. Handbook of Macroeconomics (North Holland, Amsterdam), 2263–2303.Google Scholar
• Diamond DW, Rajan RG (2006) Money in a theory of banking. Amer. Econom. Rev. 96(1):30–53.Crossref, Google Scholar
• Duygan-Bump B, Parkinson P, Rosengren E, Suarez GA, Willen P (2013) How effective were the federal reserve emergency liquidity facilities? Evidence from the asset-backed commercial paper money market mutual fund liquidity facility. J. Finance 68(2):715–737.Crossref, Google Scholar
• Farhi E, Golosov M, Tsyvinski A (2009) A theory of liquidity and regulation of financial intermediation. Rev. Econom. Stud. 76(3):973–992.Crossref, Google Scholar
• Friedman M, Schwartz AJ (1963) A Monetary History of the United States, 1867–1960 (Princeton University Press, Princeton, NJ).Google Scholar
• Goodhart C (2008) Liquidity risk management. Banque France Financial Stability Rev. 11:39–44.Google Scholar
• Gorton G, Pennacchi G (1990) Financial intermediaries and liquidity creation. J. Finance 45(1):49–71.Crossref, Google Scholar
• Hachem K, Song Z (2021) Liquidity rules and credit booms. J. Political Econom. 129(10):2721–2765.Crossref, Google Scholar
• Hoerova M, Mendicino C, Nikolov K, Schepens G, Van den Heuvel S (2018) Benefits and costs of liquidity regulation. Working paper, European Central Bank, Frankfurt, Germany.Google Scholar
• Holmström B, Tirole J (1998) Private and public supply of liquidity. J. Political Econom. 106(1):1–40.Crossref, Google Scholar
• Kara GI, Ozsoy SM (2020) Bank regulation under fire sale externalities. Rev. Financial Stud. 33:2554–2584.Crossref, Google Scholar
• Kashyap AK, Tsomocos DP, Vardoulakis AP (2020) Optimal bank regulation in the presence of credit and run-risk. Working paper, University of Chicago, Chicago.Google Scholar
• Lagos R, Wright R (2005) A unified framework for monetary theory and policy analysis. J. Political Econom. 113(3):463–484.Crossref, Google Scholar
• Lagos R, Rocheteau G, Wright R (2017) Liquidity: A new monetarist perspective. J. Econom. Literature 55(2):371–440.Crossref, Google Scholar
• Lorenzoni G (2008) Inefficient credit booms. Rev. Econom. Stud. 75(3):809–833.Crossref, Google Scholar
• Lucas RE, Stokey NL (1987) Money and interest in a cash-in-advance economy. Econometrica 55(3):491–513.Crossref, Google Scholar
• Magill M, Quinzii M, Rochet J-C (2020) The safe asset, banking equilibrium, and optimal central bank monetary, prudential and balance-sheet policies. J. Monetary Econom. 112:113–128.Crossref, Google Scholar
• Martin A (2006) Liquidity provision vs. deposit insurance: Preventing bank panics without moral hazard. Econom. Theory 28:197–211.Crossref, Google Scholar
• Nagel S (2016) The liquidity premium of near-money assets. Quart. J. Econom. 131(4):1927–1971.Crossref, Google Scholar
• Robatto R (2019) Systemic banking panics, liquidity risk, and monetary policy. Rev. Econom. Dynamics 34:20–42.Crossref, Google Scholar
• Skeie DR (2008) Banking with nominal deposits and inside money. J. Financial Intermediary 17(4):562–584.Crossref, Google Scholar
• Stein JC (2012) Monetary policy as financial stability regulation. Quart. J. Econom. 127(1):57–95.Crossref, Google Scholar
• Van den Heuvel S (2018) The welfare effects of bank liquidity and capital requirements. Working paper, Federal Reserve Board of Governors, Washington, DC.Google Scholar