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The Model

9 Oct 2019 RDP 2019-10
Nicholas Garvin
This is denoted M such that. m. =. M. (. L. ... symmetry) then market illiquidity takes the form. (5). m. =. {. M. (. b. S. l. ). when banks are not liquidity deficient. M. (. S. (. 1. m. ). ). when banks are liquidity deficient. Securities
https://www.rba.gov.au/publications/rdp/2019/2019-10/the-model.html

Emergency Liquidity Injections

1 Oct 2019 RDP 2019-10
Nicholas Garvin
symmetry) then market illiquidity takes the form. (5). m. =. {. M. (. b. S. l. ). when banks are not liquidity deficient. M. (. S. (. 1. m. ). ). when banks are liquidity deficient. Securities market illiquidity ... 20). l. b. s. i. m. m. e. i. (
https://www.rba.gov.au/publications/rdp/2019/2019-10/full.html

Liquidity Injection through Secured Lending

9 Oct 2019 RDP 2019-10
Nicholas Garvin
20). l. b. s. i. m. m. e. i. (. 1. ... Observe that m = r. R. /(1 r. R. ) implies 1/ (1 – m) = r.
https://www.rba.gov.au/publications/rdp/2019/2019-10/liquidity-injection-through-secured-lending.html

Appendix B: Proofs

9 Oct 2019 RDP 2019-10
Nicholas Garvin
i. = S, in S. Proof. Market illiquidity m is defined implicitly by g. ... m. = 0 where. (B2). g. m. (. m. ,. b. ,.
https://www.rba.gov.au/publications/rdp/2019/2019-10/appendix-b.html

References

9 Oct 2019 RDP 2019-10
Nicholas Garvin
Ashcraft A, N Gârleanu and LH Pedersen (2011), ‘Two Monetary Tools: Interest Rates and Haircuts’, in D Acemoglu and M Woodford (eds), NBER Macroeconomics Annual 2010, 25, University of Chicago Press, ... Panetta F, T Faeh, G Grande, C Ho, M King, A
https://www.rba.gov.au/publications/rdp/2019/2019-10/references.html

Model Generalisations and Extensions

9 Oct 2019 RDP 2019-10
Nicholas Garvin
m. 1. >. m. 2. >. >. m. J. Fix b, s and the lending policy interest rate r. ... In this case there is some. m. m. P. for which it sells all securities with.
https://www.rba.gov.au/publications/rdp/2019/2019-10/model-generalisations-and-extensions.html

Liquidity Injection through Unsecured Lending

9 Oct 2019 RDP 2019-10
Nicholas Garvin
s. i. m. (. b. ,. s. i. ). b. ). (. 1. r. u. ). f. (. b. ). d. b. ). ... The expression it is multiplied by – either 1/1(1 – m) or 1 r.
https://www.rba.gov.au/publications/rdp/2019/2019-10/liquidity-injection-through-unsecured-lending.html

Liquidity Support through Securities Purchases

9 Oct 2019 RDP 2019-10
Nicholas Garvin
S. (b), the authority purchases enough securities to ensure the market price is 1–m. ... i. r. s. ). λ. (. 0. b. S. 1. (. s. ). l. s. i. m. (. b. ,. s. i. ).
https://www.rba.gov.au/publications/rdp/2019/2019-10/liquidity-support-through-securities-purchases.html