Deposit flows and the January effect in deposit rates
研究发现美国银行1-2月非计息存款外流，银行通过提高计息存款利率来应对，利率在1月比12月高4-11个基点，且银行将资金成本上升转嫁给借款人。
Abstract Noninterest‐bearing deposits (NIBDs) flow out of U.S. banks in January and February. Banks respond to this seasonal outflow by increasing interest‐bearing deposit (IBD) rates. We document that branch‐level deposit spreads are 4 to 11 basis points higher in January than in December. Increasing rates works as banks replace four‐fifths of the lost NIBDs with IBDs. We also find that, following NIBD outflows, banks resist cutting lending but pass the increases in the cost of funds onto borrowers. Banks do cut lending in response to total deposit outflows, but only in the pre‐crisis period.