Banks, Liquidity Management, and Monetary Policy
构建了一个包含场外银行间市场的银行流动性管理模型，研究货币政策如何通过影响银行放贷与流动性风险的权衡来传导，并分析了2008年金融危机中银行贷款崩溃的量化分解。
We develop a tractable model of banks' liquidity management with an over‐the‐counter interbank market to study the credit channel of monetary policy. Deposits circulate randomly across banks and must be settled with reserves. We show how monetary policy affects the banking system by altering the trade‐off between profiting from lending and incurring greater liquidity risk. We present two applications of the theory, one involving the connection between the implementation of monetary policy and the pass‐through to lending rates, and another considering a quantitative decomposition behind the collapse in bank lending during the 2008 financial crisis. Our analysis underscores the importance of liquidity frictions and the functioning of interbank markets for the conduct of monetary policy.