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. 2021 Jun 1;142(1):46–68. doi: 10.1016/j.jfineco.2021.05.052

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Fig 4 — Dealer cumulative inventory changes around the COVID-19 crisis.

Panel A presents bond dealers’ aggregate cumulative buying from customers (cumulative dealer buy) and aggregate cumulative selling to customers (cumulative dealer sell), as well as cumulative inventory changes since February 1, 2020. Cumulative inventory changes are defined as cumulative dealer buy less cumulative dealer sell. Panel B plots cumulative inventory changes separately for prime dealers and other dealers. PDCF = Primary Dealer Credit Facility; SMCCF = Secondary Market Corporate Credit Facility.