News
November 15, 2013: Conference Fee Waiver for Doctoral Students
Are you a doctoral student who is considering submitting a paper to the Cavalcade? If you and your co-authors are all doctoral students, your submission fee is waived! In addition, your registration fee will be waived! For more, please visit Cavalcade 2014.
November 14, 2013: Third Symposium on Emerging Financial Markets
RFS will be a co-sponsor of the Third Symposium on Emerging Financial Markets: China and Beyond, which will take place July 5 & 6, 2014, in Beijing. For more information, and to read the Call for Papers, please visit: http://www.scfm.org.cn/
November 13, 2013: Award Sponsorship
RFS is happy to announce that Cornerstone Research will be the sponsor for the 2014 Referee of the Year Award and 2014 Distinguished Referee Awards, which will be presented at the 2014 Finance Cavalcade.
November 11, 2013: Cavalcade Submission Now Open!
Submissions are now being accepted for the 2014 SFS Finance Cavalcade. Visit the conference web site to submit. The deadline to submit is December 15, 2013.
November 7, 2013: RFS in Virtual Issue on China’s Economic Development
RFS is featured in a new virtual issue entitled “China’s Economic Development.” Check it out here!
November 4, 2013: Award Sponsorship
RFS is pleased to announce that Research Affiliates will be the sponsor for the 2014 Michael J. Brennan Best Paper Award and the 2014 Rising Researcher Prize. The awards will be presented at the 2014 Finance Cavalcade.
October 23, 2013: Congratulations to the Nobel Prize Winners for Economics
RFS congratulates Nobel prize winners Eugene F. Fama, Lars Peter Hansen, and Robert J. Shiller. To celebrate, our publisher has created a special web site, Nobel Prize for Economics, on which you can read–for free!–RFS papers written by the prize winners.
October 16, 2013: Launch of New Web Sites
Our new sites have launched. Please note that some information on the site (such as turnaround time and acceptance rate) may be displaying incorrectly while we reconnect our sites.
October 8, 2013: SFS Web Sites
The SFS web sites were recently hacked. This issue has been addressed.
We will soon be launching our new web sites. Please bear with us while we fix any technical issues that may arise.
September 27, 2013: Bid Deadline Approaching
Don’t forget to submit your bid for hosting the 2015 Cavalcade by Monday, October 14, 2013! For more information, please visit Cavalcade 2015.
For Papers Currently Under Review
Forthcoming in the RFS
Bank Liquidity, Interbank Markets, and Monetary Policy ★
by Xavier Freixas , Antoine Martin and David Skeie
A lesson of the recent financial crisis is that the interbank market is crucial for banks facing uncertainty regarding their liquidity needs. This article studies the efficiency of the interbank market in allocating funds. We show that the central bank should lower the interbank rate when confronted with a crisis that causes a disparity in the liquidity held among banks. This suggests that the traditional tenet prescribing the separation between prudential regulation and monetary policy should be abandoned. We also show that failure to cut interest rates during a crisis erodes financial stability by increasing the risk of bank runs.