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Anatomy of a liquidity crisis: Corporate bonds in the COVID-19 crisis.
J financ econ
October 2021
Federal Reserve Board of Governors, 20th & Constitution Ave. NW, Washington, DC 20551, USA.
We examine the microstructure of liquidity provision in the COVID-19 corporate bond liquidity crisis. During the two weeks leading up to Federal Reserve System interventions, volume shifted to liquid securities, transaction costs soared, trade-size pricing inverted, and dealers, particularly non-primary dealers, shifted from buying to selling, causing dealers' inventories to plummet. Liquidity provisions in electronic customer-to-customer trading increased, though at prohibitively high costs.
View Article and Find Full Text PDFBackstop Price Caps in Commercial Health Care Markets.
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Duke University Fuqua School of Business, Durham, North Carolina.
Revisiting speculative hyperinflations in monetary models.
Rev Econ Dyn
April 2021
Harvard University, United States of America.
This paper revisits the debate on ruling out speculative hyperinflations in monetary models. Although apparently a narrow issue, studying these extreme economies turns out to be quite illuminating in understanding the fundamentals of price level determination. It is also relevant in evaluating the broader claims that advocates of the fiscal theory of the price level have made.
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