A model of retail banking and the deposits channel of monetary policy
构建了一个动态搜索模型研究银行存款市场，发现政策利率上升导致存款利差扩大和存款总量收缩，存款外流主要来自低存款分布百分位的消费者，银行信息优势增强市场势力但削弱货币政策传导，降低进入成本则相反。
We develop a dynamic, search-theoretic model of bank deposits markets where relationships are bilateral, the demand for liquid assets is microfounded, and consumers are privately informed about their liquidity needs. As the policy rate rises, the deposit spread widens, and aggregate deposits shrink, in accordance with the deposits channel documented in Drechsler et al. (2017). The deposit outflow originates from consumers in the lower percentiles of the distribution of deposits. As banks become more informed about consumers’ types (e.g., through big data), their market power increases but transmission weakens. As entry costs are reduced (e.g., through online banking), market power shrinks and transmission weakens.