Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Contagion Risk?
研究了美联储成立后银行间系统对偿付能力和流动性冲击的韧性变化，发现银行减少流动资产导致对流动性冲击更脆弱，说明最后贷款人可能改变私人行为从而增加自身被需要的可能性。
Abstract The Federal Reserve System was established to supplant the private interbank system, which was widely seen as a source of instability. We examine how the Fed's presence affected the interbank system's resilience to solvency and liquidity shocks and whether those shocks might have been contagious. The interbank system became more resilient to solvency shocks but less resilient to liquidity shocks as banks sharply reduced their liquid assets after the Fed's founding. The industry's response illustrates how the introduction of a lender of last resort can alter private behavior in ways that increase the likelihood that the lender will be needed.