Response of Bank Loans to the Bank of Japan's Quantitative and Qualitative Easing Policy: A Panel Data Analysis

Research for this paper has been funded by the Grant-in-aid for scientific research S- 24223003, C-15K03418, A-17H00985 and C-18K01605, and Nomura Foundation. I would like to thank an anonymous referee for many thoughtful comments, which (I believe) have resulted in a major improvement of the paper. I would like to thank the participants at the Fall 2017 Meetings of both the Japanese Economic Association (September 9 at Aoyama Gakuin University) and the Japan Society of Monetary Economics (September 30 at Kagoshima University), especially the discussants Kiyotaka Nakashima and Hitoshi Inoue, for their valuable comments. I am also grateful to the participants at the Seoul Journal of Economics International Symposium “Macroeconomic Policies in Changing Global Economic Environment” (November 6, 2019 at Seoul National University), especially Soyoung Kim and Alessandro Rebucci, for their insightful advice and comments.