The Effect of Monetary Policy on Bank Wholesale Funding
研究货币政策如何改变银行的融资结构：紧缩政策减少零售存款时，银行用批发融资替代以维持贷款，大银行和依赖批发融资的银行增加更多，导致批发融资集中度上升。
We study how monetary policy affects the funding composition of the banking sector. When monetary tightening reduces the supply of retail deposits, banks attempt to substitute wholesale funding for deposit outflows to smooth their lending. Because of financial frictions, banks have varying degrees of access to wholesale funding. Therefore, large banks, or those with greater reliance on wholesale funding, increase their wholesale funding more. Consequently, monetary tightening increases both the reliance on and the concentration of wholesale funding within the banking sector. Our findings also suggest that liquidity requirements could bolster monetary policy transmission through the bank lending channel. This paper was accepted by Tyler Shumway, finance.