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   {
    "claim": "An uncertainty shock collapses shadow money, shrinks liquidity, raises discount rates and lowers investment.",
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    "claim": "LSAP raises asset prices both at announcement and ex ante, by supplying collateral when it is scarce.",
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    "claim": "Operation Twist lowers aggregate collateral and is counterproductive even though long-term bond yields fall.",
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    "evidence_ref": "Figure 9"
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    "claim": "Fragile liquidity creates a trade-off between the size and the stability of liquidity supply.",
    "evidence_type": "equation_or_proof",
    "evidence_ref": "Section I; Appendix A (Proposition 1)"
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    "claim": "The pre-crisis credit expansion was concentrated among riskier borrowers, consistent with the model's boom dynamics.",
    "evidence_type": "prior_literature",
    "evidence_ref": "Mian and Sufi (2009); Krishnamurthy and Muir (2015); Ranciere et al. (2008)"
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