Money in a Theory of Banking
研究银行在货币政策传导中的作用，分析实际存款与名义存款对银行流动性、贷款和总产出的不同影响，揭示货币政策影响实体经济的金融流动性渠道。
We examine the role of banks in the transmission of monetary policy. In economies where banks use real demand deposits to finance their lending, fluctuations in the timing of production can force banks to scramble for real liquidity, or even fail, which can greatly affect lending and aggregate output. The adverse effect on output can be reduced if banks finance with nominal deposits. Nominal deposits also open a “financial liquidity” channel for monetary policy to affect real activity. The banking system may be better off, however, issuing real deposits (e.g., foreign exchange denominated) under some circumstances.