Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors’ demand for liquidity. We measure the quantity of these forms of liquidity and their corresponding liquidity premium in a sample from 1934 to 2016, estimating the substitutability of these assets and the liquidity per unit delivered by each asset. Treasuries and bank transaction deposits are imperfect substitutes, in contrast to perfect substitutes found by Nagel (2016). Bank and nonbank non-transaction deposits are closer substitutes for Treasuries. Our empirical results inform theories of the monetary transmission mechanism running through shifts in asset supplies and models of the coexistence of the shadow banking and regulated banking system.

中文翻译：

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对货币、近货币和国债的需求

银行创造的货币、影子银行货币和国债都满足了投资者对流动性的需求。我们测量了 1934 年至 2016 年样本中这些形式的流动性的数量及其相应的流动性溢价，估计了这些资产的可替代性和每项资产交付的单位流动性。与 Nagel (2016) 发现的完美替代品相比，国债和银行交易存款是不完美的替代品。银行和非银行非交易存款是更接近国债的替代品。我们的实证结果为通过资产供应变化运行的货币传导机制理论以及影子银行和受监管银行系统共存的模型提供了依据。