-Board-Systeme das Zeitinkonsistenzproblem der Geldpolitik lösen, da aufgrund ihrer gesetzlichen Verankerung eine überraschende … Zeitinkonsistenz­problem der Geldpolitik dominant ist, und dies obwohl asymmetrische Schocks nicht stabilisiert werden können. Eine …

to macroeconomic shocks, since it transfers and magnifies the impact of the shock into future periods through borrowing … the property of intertemporal shock smoothing, whereas financial markets concentrate the burden of the shock in one period …

) who find that interest rates should be increasing regardless of the outstanding aggregate liquidity in the market. We also …

theoretical foundation for rescuing Bagehot's view. Our theory does not rely on the multiplicity of equilibria that arises in … classical models of bank runs. We build a model of banks' liquidity crises that possesses a unique Bayesian equilibrium. In this … equilibrium, there is a positive probability that a solvent bank cannot find liquidity assistance in the market. We derive policy …