Stressed not Frozen: The Fed Funds Market in the Financial Crisis
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We thank Andrew Howland for outstanding research assistance. We are grateful to Mark Flannery, James McAndrews and to seminar participants at the Finance Workshop at the Chicago Booth School of Business, at the Capital Markets Workshop at LSE, at NYU and at the Federal Reserve Bank of New York for helpful comments. The views expressed in this paper are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research.