The Role of the Federal Reserve as "Lender of Last Resort" and the Seasonal Fluctuation of Interest Rates
探讨美联储作为最后贷款人的角色如何解释1914年前后利率季节性波动的减弱，发现美联储的设立降低了银行获得紧急贷款和发生金融恐慌的概率，从而减少了实际利率的季节性波动。
The Federal Reserve's role as a lender of last resort may explain why the seasonal fluctuation of interest rates appeared to decline around 1914. The creation of the Fed reduced the seasonal fluctuation of both the probability of a bank receiving an emergency loan and the probability of a financial panic. The seasonality of real interest rates could, therefore, have declined regardless of whether the Fed conducted seasonal open market operations. The evidence is consistent with the lender-of-last-resort model. Copyright 1991 by Ohio State University Press.