The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities
将流动性摩擦引入DSGE模型，研究私人票据流动性冲击能否导致短期名义利率降至零下限并引发衰退，并量化评估美联储流动性便利在2008-2009年防止大萧条重演的效果。
We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities and ask: can a shock to the liquidity of private paper lead to a collapse in short-term nominal interest rates and a recession like the one associated with the 2008 US financial crisis? Once the nominal interest rate reaches the zero bound, what are the effects of interventions in which the government provides liquidity in exchange for illiquid private paper? We find that the effects of the liquidity shock can be large, and show some numerical examples in which the liquidity facilities of the Federal Reserve prevented a repeat of the Great Depression in the period 2008–2009.