Bank Intermediation over the Business Cycle
构建了一个模型，银行将流动性差的资产（营运资本贷款）转化为家庭用于交易的流动性活期存款，消费平滑行为导致企业依赖银行借款的程度呈逆周期，这与美国数据一致。
A model is developed in which banks engage in valued asset transformation by converting illiquid assets (working capital loans) into highly liquid demand deposit accounts that households use for transactions purposes. Consumption-smoothing behavior induces countercyclicality in the degree to which firms rely on bank borrowings to finance their working capital expenses, which is consistent with U.S. data. The importance of financial markets that provide alternative sources of short-term funds to firms is also illustrated. Absent these markets, nominal interest rates become nearly perfectly positively correlated with output, which is counterfactual, and monetary shocks induce (perhaps, artificially) large aggregate employment responses.