What Does the Taxable Income Elasticity Say About Dynamic Responses to Tax Changes? by Robert Carroll and Warren Hrung. Published in volume 95, issue 2, pages 426-431 of American Economic Review, May 2005

Repo Market Effects of the Term Securities Lending Facility by Michael J. Fleming, Warren B. Hrung and Frank M. Keane. Published in volume 100, issue 2, pages 591-96 of American Economic Review, May 2010

We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities—the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF)—that provided liquidity against a range of assets during 2008–2009. Dealers with lower equity returns and greater leverage prior to borrowing from the facilities were more likely to participate in the programs, borrow more, and, in the case of the TSLF, at higher bidding rates. Dealers with less liquid collateral on their balance sheets before the facilities were introduced also tended to borrow more. The results suggest that both financial performance and balance sheet liquidity play a role in LOLR utilization.