Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
---- Acknowledgements ----
The views expressed herein are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of Kansas City or the Federal Reserve System. Jacob Schak, Paul Rotilie, Thad Sieracki, Jon Christensson, and Kristen Regehr provided valuable research assistance. We are grateful to Ruth Judson for her help with the Bank Rate Monitor data. We thank Sumit Agarwal, Heitor Almeida, David Backus, Morten Bech, Lamont Black, Francisco Covas, Bob DeYoung, Bill Keeton, Michal Kowalik, Ouarda Merrouche, Chuck Morris, Wayne Passmore, Jack Reidhill, Anthony Saunders, Ken Spong, Phil Strahan, and participants at the Financial Management Association's 2011 Meeting and the Federal Reserve's "Day Ahead" 2012 Conference on Financial Markets and Institutions for helpful comments. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.