000	02261nam  2200385zi 4500
001	9.942542
003	CaOODSP
005	20240828141753
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008	240828t20242024onca    ob   f000 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
041	0 |aeng|beng|bfre
086	1 |aFB3-5/2024-18E-PDF
100	1 |aCheng, Yuteng, |eauthor.
245	10|aFinancial intermediation and fire sales with liquidity risk pricing / |cby Yuteng Cheng and Roberto Robatto.
264	1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2024.
264	4|c©2024
300	|a1 online resource (ii, 55 pages) : |billustration.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2024-18
500	|aISSN assigned to different series.
500	|a"Last updated: May 27, 2024."
504	|aIncludes bibliographical references (pages 37-40).
520	3 |a"We provide a theory of fire sales in which potential buyers are subject to liquidity shocks and frictions that limit their ability to resell assets. The model predictions align with some stylized facts about the large sales of corporate bonds and Treasury securities during the COVID-19 economic crisis. The equilibrium is constrained efficient under weak conditions that apply if one interprets the key agents in the model as money market funds or mutual funds. Thus, as viewed through the lens of the model, the liquidity requirements proposed by the U.S. Securities and Exchange Commission for these intermediaries could hurt the economy"--Abstract, page ii.
546	|aIncludes abstracts in English and French.
650	0|aSecurities|xPrices|xEconometric models.
650	0|aFinancial crises|xEconometric models.
650	6|aValeurs mobilières|xPrix|xModèles économétriques.
650	6|aCrises financières|xModèles économétriques.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|v2024-18.|w(CaOODSP)9.806221
856	40|qPDF|s868 KB|uhttps://publications.gc.ca/collections/collection_2024/banque-bank-canada/FB3-5-2024-18-eng.pdf