Search Frictions, Credit Market Liquidity and Net Interest Margin Cyclicality
论文研究信贷市场中的搜索摩擦如何解释银行净息差的反周期行为，发现经济扩张时净息差下降源于两个机制：贷款人接受低生产率企业家，以及信贷市场流动性上升增强企业家的议价能力。
This paper contributes to the body of knowledge on search frictions in credit markets by demonstrating their ability to explain why the net interest margins of banks behave countercyclically. During periods of expansion, a fall in the net interest margin proceeds from two mechanisms: (i) lenders accept that they must finance entrepreneurs who have lower productivity; (ii) the liquidity of the credit market rises, which simplifies access to loans for entrepreneurs and thereby reinforces their threat point when bargaining the interest rate of the loan.