Paper de Douglas W. Diamond y Raghuram G. Rajan en NBER, titulado Illiquidity and Interest Rate Policy, de Julio de 2009. Dicen por ahí que estos dos economistas académicos mainstream de alto estanding (Rajan fue Director de Investigaciones en el FMI durante unos años) citan a Mises, Hayek y Rothbard. Digo “dicen por ahí” porque no tengo acceso al artículo en cuestión y no he podido comprobarlo. Así que si alguien se lo puede descargar, se agradecería un poco de intercambio voluntario.

Actualización: se puede acceder al paper completo aquí. En efecto, cita Precios y Producción de Hayek, Human Action de Mises y America’s Great Depression de Rothbard.

Aquí el abstract:

The cheapest way for banks to finance long term illiquid projects is typically to borrow short term from households. But when household needs for funds are high, interest rates will rise sharply, debtors will have to shut down illiquid projects, and in extremis, will face more damaging runs. Authorities may want to push down interest rates to maintain economic activity in the face of such illiquidity, but intervention may not always be feasible, and when feasible, could encourage banks to increase leverage or fund even more illiquid projects up front. This could make all parties worse off. Authorities may want to commit to a specific policy of interest rate intervention to restore appropriate incentives. For instance, to offset incentives for banks to make more illiquid loans, authorities may have to commit to raising rates when low, to counter the distortions created by lowering them when high. We draw implications for interest rate policy to combat illiquidity.

Leyendo el abstract no sorprende que citen a los austriacos. Durante la crisis y el desconcierto algunos buscan ideas fuera de los círculos más convencionales y aceptados.