NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Maurice Obstfeld, Jay C. Shambaugh, Alan M. Taylor

NBER Working Paper No. 14826
Issued in March 2009

---- Acknowledgements -----

We thank the Fondation Banque de France for supporting our research through a grant administered by the CEPR. Matteo Maggiori provided helpful research assistance. The paper was presented at the ASSA Meetings, San Francisco, January 3-5, 2009. We received many helpful comments, especially from our discussant Joshua Aizenman. All errors are ours. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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