Money Creation and the Shadow Banking System
研究了投资者是否将影子银行发行的短期债务视为类似货币的资产，通过模型分析财政部票据、央行储备和影子银行债务的价格与数量，并用数据验证了该观点。
It is widely argued that shadow banking grew rapidly before the recent financial crisis because of rising demand for "money-like" claims. This paper assesses a key premise of this argument: that investors actually treated short-term debt issued by shadow banks as a money-like claim. I present a model where the financial sector and the central bank jointly respond to demand for money-like claims. The model generates predictions about the prices and quantities of Treasury bills, central bank reserves, and shadow bank debt. These predictions are borne out in the data, suggesting investors did treat shadow bank debt as money-like.