The Payments System, Liquidity, and Rediscounting
分析在法币同时作为交易媒介和债务清算手段的经济中，可能出现流动性受限的非最优均衡，而央行通过贴现窗口暂时扩大基础货币可恢复最优状态。
In an economy where fiat money serves both as a medium of exchange and the means by which debts are cleared, it is shown that nonoptimal equilibria of constrained liquidity may arise. Optimality may be restored by temporary expansions of the monetary base (e.g., an active central-bank 'discount window'). Copyright 1996 by American Economic Association.