Reprint of: Thawing frozen capital markets and backdoor bailouts: Evidence from the Fed's liquidity programs

Acharya, V.V., M.J. Fleming, W.B. Hrung, and A. Sarkar. 2014. Dealer financial conditions and lender-of-last resort facilities. Working paper. Afonso, 2011, Stressed, not frozen: the federal funds market in the financial crisis, J. Finance, 66, 1109, 10.1111/j.1540-6261.2011.01670.x Andersen, 1982, Cox's regression for counting processes: a large sample study, Ann. Stat., 10, 110, 10.1214/aos/1176345976 Armantier, O., E. Ghysels, A. Sarkar, and J. Shrader. 2011. Stigma in financial markets: evidence from liquidity auctions and discount window borrowing during the crisis. Working paper. Artuc, 2010, Discount window borrowing after 2003: the explicit reduction in implicit costs, J. Bank. Finance, 34, 825, 10.1016/j.jbankfin.2009.09.013 Ashcraft, 2010, The federal home loan bank System: the lender of Next-to-Last resort, J. Money Credit Bank., 42, 551, 10.1111/j.1538-4616.2010.00299.x Bagehot, W., 1873. Lombard Street: A Description of the Money Market, London, In: King Henry S., (Ed), 3rd edition, http://oll.libertyfund.org/titles/128. Benmelech, 2009, Collateral pricing, J. Financ. Econ., 91, 339, 10.1016/j.jfineco.2008.03.003 Berger, A.N., L.K. Black, C.H.S. Bouwman, and J.L. Dlugosz. 2013. The federal reserve's discount window and TAF programs: “pushing on a string?” Working paper. Boyd, 1994, The role of large banks in the recent U.S. banking crisis, Fed. Res. Bank Minneapolis Q. Rev., 18, 2 Boyson, 2014, Crises, liquidity shocks and fire sales at commercial banks, Financ. Manage., 43, 857, 10.1111/fima.12056 Christensen, 2013, Do central bank liquidity facilities affect interbank lending Rates?, J. Bus. Econ. Stat. Copeland, A., A. Martin, and M. Walker. 2010. The tri-party repo market before the 2010 reforms. Working paper. Cornett, 2011, Liquidity risk management and credit supply in the financial crisis, J. Financ. Econ., 101, 297, 10.1016/j.jfineco.2011.03.001 Duygan-Bump, 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, 715, 10.1111/jofi.12011 Ennis, 2013, Over-the-counter Loans, adverse selection and stigma in the interbank market, Rev. Econ. Dyn., 16, 601, 10.1016/j.red.2012.09.005 Flannery, 1996, Financial crises, payment system problems, and discount window lending, J. Money Credit Bank., 28, 804, 10.2307/2077922 Fleming, 2009, The term securities lending facility: origin, design, and effects, Fed. Res. Bank New York Curr. Issues, 15, 1 Furfine, 2001, The reluctance to borrow from the fed, Econ. Lett., 72, 209, 10.1016/S0165-1765(01)00419-0 Furfine, 2003, Standing facilities and interbank borrowing: evidence from the fed's new discount window, Int. Finance, 6, 329, 10.1111/j.1367-0271.2003.00121.x Gatev, 2009, Managing banks liquidity risk: how deposit-loan synergies vary with market conditions, Rev. Financ. Stud., 22, 995, 10.1093/rfs/hhm060 Gatev, 2006, Banks’ advantage in hedging liquidity risk: theory and evidence from the commercial paper market, J. Finance, 61, 867, 10.1111/j.1540-6261.2006.00857.x Gorton, 2012, Securitized banking and the run on the repo, J. Financ. Econ., 104, 425, 10.1016/j.jfineco.2011.03.016 Hrung, 2015, Responses to the financial crisis, treasury debt, and the impact on short-term money markets, Int. J. Central Bank., 11, 151 In, 2012, The impact of a new term auction facility on LIBOR–OIS spreads and volatility transmission between money and mortgage markets during the subprime crisis, J. Int. Money Finance, 31, 1106, 10.1016/j.jimonfin.2011.12.013 Khandani, 2007, What happened to the quants in august 2007?, J. Invest. Manage., 5, 29 Madigan, 2002, Proposed revisions to the federal reserve's discount window lending programs, Fed. Res. Bull., 88, 314 McAndrews, 2008, The effects of the term auction facility on the London inter-bank offered rate, Fed. Res. Bull., 88, 314 Peristiani, 1998, The growing reluctance to borrow at the discount window: an empirical investigation, Rev. Econ. Stat., 80, 611, 10.1162/003465398557690 Price, 2012, When the fed conducts credit policy, Fed. Reserve Bank Richmond Reg. Focus First Q., 6 Schwartz, A. 1992. The misuse of the fed's discount window. Fed. Reserve Bank St. Louis Rev. September–October:58–69. Taylor, 2009, A black swan in the money market, Am. Econ. Assoc. J. Macroeconomics, 1, 58, 10.1257/mac.1.1.58 Wu, 2011, The U.S. money market and the term auction facility in the financial crisis of 2007–2009, Rev. Econ. Stat., 93, 617, 10.1162/REST_a_00083