Bank Liquidity, Interbank Markets, and Monetary Policy
研究了银行间市场在银行面临流动性不确定性时的资金配置效率，发现危机中银行间利率差异时应降息，并指出应放弃审慎监管与货币政策分离的传统原则。
A lesson of the recent financial crisis is that the interbank market is crucial for banks facing uncertainty regarding their liquidity needs. This article studies the efficiency of the interbank market in allocating funds. We show that the central bank should lower the interbank rate when confronted with a crisis that causes a disparity in the liquidity held among banks. This suggests that the traditional tenet prescribing the separation between prudential regulation and monetary policy should be abandoned. We also show that failure to cut interest rates during a crisis erodes financial stability by increasing the risk of bank runs.