The Money Market Meltdown of the Great Depression
研究发现大萧条期间企业风险溢价上升和避险事件导致有抵押的商业贷款（银行承兑汇票）增加，而无抵押的商业票据大幅下降，表明金融摩擦加剧、信贷可得性下降。
Consistent with theories of financial frictions, this study finds that higher corporate risk premia and flight‐to‐quality events contributed to the increased use of a collateralized form of business lending (bankers acceptances) in real levels and relative to that of noncollateralized commercial paper (which plunged) during the Great Depression. These short‐lived instruments are more timely measures of credit availability than are bank/business failures and bank loan outstandings. These shifts in the composition of external finance were large, supporting the view that financial frictions rose and credit availability fell during the Great Depression.