When Safe Proved Risky: Commercial Paper During the Financial Crisis of 2007-2009

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Subfields: Finance

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The Central-Bank Balance Sheet as an Instrument of Monetary Policy (2011, neutral): “22 Hence an increase in the supply of reserves is unambiguously desirable, in any period in which they remain below the satiation level.(23)Once reserves are at or above the satiation level, however, further increases reduce neither the resource costs of intermediaries nor equilibrium credit spreads”
Simulation methods to assess the danger of contagion in interbank markets (2011, background): “However, losses on exposures to Lehman did trigger a bank run at large money market funds (see Kacperczyk and Schnabl, 2009), which do not feature in any of the simulation models.”
E¢ cient Recapitalization (2010, background): “, Kacperczyk and Schnabl (2009) describe a government intervention, the Commercial Paper Funding Facility, to support non-nancial rms directly.”