Monetary policy in a systemic crisis
从最后贷款人理论视角分析当前金融危机中的货币政策，指出标准措施因银行间市场失灵而失效，央行被迫以低利率注入大量流动性并设计新渠道。
This paper examines the monetary policy followed during the current financial crisis from the perspective of the theory of the lender of last resort. It is argued that standard monetary policy measures would have failed because the channels through which monetary policy is implemented depend upon the well functioning of the interbank market. As the crisis developed, liquidity vanished, and the interbank market collapsed, central banks had to inject much more liquidity at low interest rates than predicted by standard monetary policy models. At the same time, as the interbank market did not allow for the redistribution of liquidity among banks, central banks had to design new channels for liquidity injection.