Two Monetary Tools: Interest Rates and Haircuts

Adam Ashcraft, Nicolae Gârleanu, Lasse Heje Pedersen

NBER Working Paper No. 16337
Issued in September 2010

---- Acknowledgments ----

We are grateful for useful discussions with Tobias Adrian, Darrell Duffie, Livia Levine, Guido Lorenzoni, Andrei Shleifer, and Michael Woodford as well as from participants at the Liquidity Working Group at the Federal Reserve Bank of New York, the Conference on Financial Frictions and Macroeconomic Modeling, Cowles Foundation Conference in General Equilibrium and its Applications, the Annual Meeting of the American Economic Association, the Money and Banking Workshop at the University of Chicago Department of Economics, New York University, the Stockholm School of Economics, and University of California at Berkeley. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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