As for liquidity, a three-month loan can less readily be exchanged for cash than an overnight one and lenders require a reward for that risk.

就流动性风险来说，三个月的贷款较隔夜贷款准备好现金的可能性更小，所以借款人需要获得这一块的风险补偿。

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That suggests models should have been built on the assumption that liquidity can disappear overnight.

综上所述，模型的合理假设应该是，流动性可能在一夜之间消失殆尽。

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They have tried to help by tinkering with the technical operations that supply liquidity (though they keep overnight interest rates on target by draining money elsewhere).

到目前为止，各大央行已经采取的救市措施包括修补技术性操作和提供流动性(维持隔夜利率，而从别处注入流动性)。

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The doubts burst into the open on August 9th when central banks were forced to inject liquidity into the overnight money markets because banks were charging punitive rates to lend to each other.

ECONOMIST: The crisis of confidence

By restricting its liquidity support, the ECB will be able to guide overnight interest rates towards 1% without having to alter its policy rate.

ECONOMIST: Appraising the European Central Bank

In mid-August the Fed supplied enough liquidity to hold the effective federal funds rate, an overnight interbank rate, below its then target of 5.25%.

ECONOMIST: Central banks have played a starring role