Low Inflation: The Behavior of Financial Markets and Institutions
概述低通胀（通缩）对美国金融市场和机构的潜在影响，指出日本和上世纪美国经验参考价值有限，并讨论了二级市场交易减少和再中介化等趋势。
This paper provides a broad overview of the potential impact of low inflation (deflation) on U.S. financial markets and institutions. It is argued that the contemporary experience of Japan and the historical experience of the United States in the 1920s and 1930s offer only limited insights into the potential impact of low inflation (deflation) on today's U.S. financial system. A number of potential implications are discussed including a decline in secondary market trading and a trend towards reintermediation. In addition, low inflation/deflation is likely to have a material effect on bank duration and convexity exposures.