Illiquid Banks, Financial Stability, and Interest Rate Policy
研究了低利率如何影响银行脆弱性，发现无约束的救助会削弱存款纪律，而约束性干预虽能维持纪律但可能导致银行过度承诺流动性，因此央行应在正常时期提高利率以抵消危机时降息的倾向。
Do low interest rates alleviate banking fragility? Banks finance illiquid assets with demandable deposits, which discipline bankers but expose them to damaging runs. Authorities may choose to bail out banks being run. Unconstrained bailouts undermine the disciplinary role of deposits. Moreover, competition forces banks to promise depositors more, increasing intervention and making the system worse off. By contrast, constrained intervention to lower rates maintains private discipline, while offsetting contractual rigidity. It may still lead banks to make excessive liquidity promises. Anticipating this, central banks can reduce financial fragility by raising rates in normal times to offset their propensity to reduce rates in adverse times. 1