UNDERSTANDING THE GREAT RECESSION THROUGH THE BANKING SECTOR
构建一般均衡模型研究银行流动性管理的异质性，发现小银行因预防动机更强而积累缓冲，流动性冲击是衰退初期主因，随后需求冲击导致贷款大幅下降约60%。
Abstract I develop a general equilibrium model to explore heterogeneous bank liquidity management. Smaller banks, driven by stronger precautionary motives, tend to accumulate capital and liquidity buffers, rendering them less susceptible to liquidity risk than larger banks. Whereas negative productivity shocks affect all banks' loans similarly, liquidity shocks result in lending responses that vary by bank size. Mapping the model to panel data, I argue that initially, liquidity shocks were the primary driver of the Great Recession, followed by negative demand shocks that accounted for approximately 60% of the recession's greatest fall in aggregate loans.