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Central bank tools and liquidity shortages

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  • Stephen G. Cecchetti
  • Piti Disyatat

Abstract

Bank for International Settlements researchers Stephen Cecchetti and Piti Disyatat consider the implications of recent financial developments for the “lender-of-last-resort” function of central banks and whether traditional policymaking tools remain effective in the face of modern liquidity crises. Presented at "Central Bank Liquidity Tools and Perspectives on Regulatory Reform" a conference sponsored by the Federal Reserve Bank of New York, February 19-20, 2009.

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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Economic Policy Review.

Volume (Year): (2010)
Issue (Month): Aug ()
Pages: 29-42

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Handle: RePEc:fip:fednep:y:2010:i:aug:p:29-42:n:v.16no.1

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Keywords: Banks and banking; Central ; Liquidity (Economics) ; Bank liquidity ; Bank reserves ; Systemic risk ; Financial crises;

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Cited by:
  1. Selgin, George & Lastrapes, William D. & White, Lawrence H., 2012. "Has the Fed been a failure?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 569-596.
  2. Nelson, Edward, 2013. "Friedman's monetary economics in practice," Journal of International Money and Finance, Elsevier, vol. 38(C), pages 59-83.
  3. Clara Lia Machado & Carlos León & Miguel Sarmiento & Orlando Chipatecua, 2010. "Riesgo Sistémico y Estabilidad del Sistema de Pagos de Alto Valor en Colombia: Análisis bajo Topología de Redes y Simulación de Pagos," BORRADORES DE ECONOMIA 007669, BANCO DE LA REPÚBLICA.
  4. Etienne B. Yehoue, 2009. "Emerging Economy Responses to the Global Financial Crisis of 2007-20+L427209," IMF Working Papers 09/265, International Monetary Fund.
  5. Paul Wachtel, 2011. "Central Banking for the 21st Century: An American Perspective," Working Papers 11-02, New York University, Leonard N. Stern School of Business, Department of Economics.
  6. Asani Sarkar, 2009. "Liquidity risk, credit risk, and the federal reserve’s responses to the crisis," Financial Markets and Portfolio Management, Springer, vol. 23(4), pages 335-348, December.
  7. Robert Eisenbeis, 2010. "The Financial Crisis: Miss-Diagnosis and Reactionary Responses," Atlantic Economic Journal, International Atlantic Economic Society, vol. 38(3), pages 283-294, September.

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