Banks, Liquidity Management and Monetary Policy
NBER Working Paper No. 20490
---- Acknowledgments ----
We would like to thank Harjoat Bhamra, Luigi Bocola, John Cochrane, Dean Corbae, Itamar Dreschler, Huberto Ennis, Xavier Freixas, Anil Kashyap, Nobu Kiyotaki, Arvind Krishnamurthy, Ricardo Lagos, Ellen McGrattan, Thomas Philippon, Chris Phelan, Tomek Piskorski, Erwan Quintin, Ricardo Reis, Chris Sims, Harald Uhlig, and Mike Woodford for helpful discussions. We also wish to thank participants at various seminars and conferences. Jorge Mondragon provided excellent research assistance. We are grateful for financial support by the Fondation Banque de France, the Smith Richardson Foundation. Bianchi acknowledges the support of National Science Foundation under award 1324395. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, or the Federal Reserve System, or the National Bureau of Economic Research.