The Demand for Money, Near-Money, and Treasury Bonds
研究了银行货币、影子银行货币和国债这三种流动性资产的替代性，并估算了1934至2016年间它们的流动性溢价，发现国债与银行交易存款并非完全替代，对理解货币政策传导机制和影子银行体系有参考价值。
Abstract Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors’ demand for liquidity. We measure the quantity of these forms of liquidity and their corresponding liquidity premium in a sample from 1934 to 2016, estimating the substitutability of these assets and the liquidity per unit delivered by each asset. Treasuries and bank transaction deposits are imperfect substitutes, in contrast to perfect substitutes found by Nagel (2016). Bank and nonbank non-transaction deposits are closer substitutes for Treasuries. Our empirical results inform theories of the monetary transmission mechanism running through shifts in asset supplies and models of the coexistence of the shadow banking and regulated banking system. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.