NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System

Charles W. Calomiris, Matthew Jaremski, Haelim Park, Gary Richardson

NBER Working Paper No. 21684
Issued in October 2015

---- Acknowledgments ----

The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Gary Richardson ----

Gary Richardson serves as the Federal Reserve's official Historian. The views expressed in this article are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research, the Federal Reserve System, or the Federal Reserve Bank of Richmond.

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