Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
---- Acknowledgments ----
Christopher Candelaria and Israel Malkin provided excellent research assistance. Helpful comments were received from Elena Dumitrescu, Charles Engel, Kristin Forbes, Linda Goldberg, Pierre-Olivier Gourinchas, Galina Hale, Steve Kamin, Qing Liu, Richard Portes, Jim Poterba, Vince Reinhart, Bent Sorensen, Jeremy Stein, Beatrice Weder, Randy Wright, Thomas Wu, as well as from seminar participants at the NBER IFM summer institute, the NBER Conference on the Global Financial Crisis, the Bank of England Research Forum on Unconventional Monetary Policy, the Federal Reserve Bank of Chicago Summer Money Workshop, the Fourth MIFN Conference, Shandong University, Tsinghua University, and U.C. Santa Cruz. Key data and output are available at http://faculty.haas.berkeley.edu/arose. A technical appendix providing detailed proofs of the material in the appendix is http://www.frbsf.org/economics/economists/mspiegel/wp11-18appendix.pdf. All views presented in this paper are those of authors and do not represent the views of the Federal Reserve Bank of San Francisco, the Federal Reserve System, or the National Bureau of Economic Research.