Precautionary Reserves and the Interbank Market
利用Fedwire数据研究2007-08金融危机期间银行预防性持有准备金和不愿放贷的行为，解释了联邦基金利率的极端波动，并构建模型统一解释危机异常与正常时期的典型事实。
Extreme disruptions in the interbank market severely hampered the broader financial system during the 2007–08 financial crisis. We use Fedwire data to estimate fed funds trades and track banks’ intraday balances. We show empirical evidence of banks’ precautionary holding of reserves and reluctance to lend linked to documented extreme fed funds rate volatility, including the fed funds rate spiking above the discount rate and crashing to zero. We develop a model of constrained banks that makes new predictions and provides a unified explanation for the stark anomalies during the crisis, our empirical findings, and previous stylized facts from normal times.