Liquidity Provision, Bank Capital, and the Macroeconomy
研究了提高银行资本要求的一般均衡效应，指出新银行资本要么来自减少短期债务，要么来自非银行部门股东，并分析了银行债务的交易功能与资本充足带来的风险降低之间的权衡。
New bank equity must come from somewhere. In general equilibrium, raising bank capital requirements means either that banks produce less short‐term debt (as debt holders must become shareholders), or short‐term debt is not reduced and the banking system acquires nonbank equity (as the shareholders in nonbanks become shareholders in banks). The welfare effects involve a trade‐off because bank debt is special as it is used for transactions purposes, but more bank capital can reduce the chance of bank failure (producing welfare losses).