Reconciling Bagehot and the Fed's Response to September 11
调和了白芝浩关于央行应以高利率提供流动性的观点与美联储在9·11后零利率贷款的做法，指出在商品货币时代流动性稀缺需高价筛选，而现代央行可无限扩张货币供给，无需自我筛选。
Bagehot (1873) states that to prevent bank panics a central bank should provide liquidity at a “very high rate of interest.” In contrast, most of the theoretical literature on liquidity provision suggests that central banks should lend at an interest rate of zero. This is broadly consistent with the Federal Reserve's behavior in the days following September 11, 2001. This paper shows that both policies can be reconciled. With commodity money, as in Bagehot's time, liquidity is scarce and a high price allows banks to self‐select. In contrast, the Fed has a virtually unlimited ability to temporarily expand the money supply so self‐selection is unnecessary.