The Collateral Composition Channel
研究了批发金融市场中抵押品构成如何影响存款再分配，发现内部抵押品形成“抵押品金字塔”虽扩大再分配规模，但会引发系统性恐慌，而外部抵押品如国债能稳定该金字塔。
Wholesale financial markets reallocate deposits. Because of incentive problems, these flows are limited by endogenous collateral constraints. The composition of collateral matters. The use of inside collateral creates a “collateral pyramid”: cash flows from one loan are pledged to secure another. Outside collateral, such as treasuries, stabilizes the pyramid. Through collateral pyramids the financial sector sustains a large volume of reallocation across banks, but at the cost of systemic panics. During panics, the safe asset creation process stalls, the pyramid collapses, collateral becomes scarce. Markets are more fragile when loans are secured by inside collateral.