Asset Fire Sales and Credit Easing
基于伯南克2009年提出的信贷宽松政策，构建了“不稳定银行”模型，分析资产抛售如何压低资产价格以及金融机构在市场紊乱时偏好投机而非放贷，并比较了信贷宽松与其他危机干预措施的效果。
In a January 2009 lecture on the financial crisis, Federal Reserve Chairman Bernanke advocated a new Fed policy of credit easing, defined as a combination of lending to financial institutions, providing liquidity directly to key credit markets, and buying of long term securities. We show that Bernanke's analysis and recommendations can be naturally considered in a model of "unstable banking, " which relies on two mechanisms: 1) fire sales reduce asset prices below fundamental values, and 2) financial institutions prefer speculation to new lending when markets are dislocated. We analyze credit easing and compare it to alternative government interventions during the crisis.