Monetary Policy Transmission with Interbank Market Fragmentation
研究了银行间市场碎片化（不同国家银行违约概率不同）如何扰乱货币政策传导，内生导致超额流动性，使短期利率偏离政策利率，并用2008年后欧元区数据验证。
Abstract This paper shows how interbank market fragmentation disrupts the transmission of monetary policy. Fragmentation is the fact that banks, depending on their country of location, have different probabilities of default on their interbank borrowings. Once fragmentation is introduced into standard theoretical models of monetary policy implementation, excess liquidity arises endogenously. This leads short‐term interest rates to depart from the central bank policy rates. Using data on monetary policy operations, I show that this mechanism has been at work in the euro area since 2008. The model is used to analyze conventional and unconventional monetary policy measures.