This review examines the Federal Reserve's (or Fed's) unprecedented liquidity provision
during the financial crisis of 2007–2009. It first reviews how the Fed provides liquidity in …

We introduce liquidity frictions into an otherwise standard DSGE model with nominal and
real rigidities and ask: can a shock to the liquidity of private paper lead to a collapse in short …

The US dollar reigned supreme in global finance for most of the twentieth century. In recent
years, its position on that pedestal has seemed increasingly insecure. The creation of the …

This study examines whether pre-crisis international reserve accumulations, as well as
exchange rate and reserve policy decisions made during the global financial crisis, can help …

This paper examines the joint determination of deviations in long-term covered interest rate
parity and differences in the credit spread of bonds of similar risk but different currency …

Abstract The Term Auction Facility (TAF), the first auction-based liquidity initiative by the
Federal Reserve during the global financial crisis, was aimed at improving conditions in the …

This paper explores the record of central bank swaps to draw out four themes. First, this
recent device of central bank cooperation had a sustained pre-history from 1962-1998 …

Abstract Theory predicts that central-bank lending programs put ceilings on private domestic
lending rates, reduce ex post financing risk, and encourage ex ante investment. This article …

This article studies the sensitivity of the US stock market to nominal and real interest rates
and inflation during the 2003–2013 period using quantile regression (QR). The empirical …

The notion that the international monetary system is hierarchical has become increasingly
common, but the nature, causes, and shape of international monetary hierarchy remain …