The Role of Interbank Markets in Monetary Policy: A Model with Rationing
分析银行间市场信息不对称如何导致信贷配给均衡，解释企业投资对资本成本不敏感但货币政策影响大的现象，并揭示银行流动性状况如何影响其对货币政策的反应。
This paper analyzes the impact of asymmetric information in the interbank market and establishes its crucial role in the microfoundations of the monetary policy transmission mechanism. We show that interbank market imperfections induce an equilibrium with rationing in the credit market. This has two major implications: first, it reconciles the irresponsiveness of business investment to the user cost of capital with the large impact of monetary policy ( magnitude effect ), and second, it shows that banks' liquidity positions condition their reaction to monetary policy ( Kashyap and Stein liquidity effect ).