Was There Ever a Lending Channel?
研究美联储是否通过准备金要求控制存款来约束银行贷款，发现银行会利用无准备金要求的交易资产和负债来规避这种约束，支持另一种利润最大化银行模型。
Abstract The lending channel model posits that control of deposits that have reserve requirements allows the Fed to constrain the loans to businesses and consumers that are the comparative advantage of banks. The constraint works because banks do not use traded assets and liabilities with no reserve requirements to offset the effects of variation in deposits on loans. The results presented here are more consistent with an alternative model in which profit‐maximising banks vary traded assets and liabilities with and without reserve requirements to exercise profit opportunities in loans and so shield them from the Fed.