Rationing in the interbank markets is discussed by Freixas, X. and J. Jorge (2007) in “The role of interbank markets in monetary policy: a model with rationing”, Universitat Pompeu Fabra, Economics Working Papers. 14  Kashyap, A. K. and J. C. Stein (2000), “What do a million observations say about the transmission of monetary policy”, The American Economic Review, Vol. 90, No. 3, pp.
Our productivity measures have always endeavored to capture increased productive efficiency, not increased well-being. We are, in effect, currently using part of our increase in efficiency to supply increased security. Of course, given the heightened risks we face, these investments in security are, doubtless, quite sound.