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Or Shachar

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Aug 2026

The Option Value of Municipal Liquidity

States and localities are relied upon to implement macroeconomic stabilization policies and ensure service delivery in times of crisis. In April 2020, the introduction of the Municipal Liquidity Facility (MLF) added an emergency lending instrument to the policy arsenal, guaranteeing liquidity, but at a price. Using a r...

Andrew F. Haughwout, Benjamin Hyman, Or Shachar · 1 citation

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