非常规货币政策的储备供应渠道

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2024-06-21 DOI:10.1016/j.jfineco.2024.103887

William Diamond , Zhengyang Jiang , Yiming Ma

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引用次数: 0

摘要

我们发现，中央银行通过量化宽松注入的准备金挤出了银行贷款。我们利用存款和贷款需求的横截面工具变量估计了一个结构模型。我们的结果取决于贷款需求的弹性以及储备金持有量对贷款供应成本的影响。量化宽松注入的准备金使贷款利率上升了 7.4 个基点，每 1 美元的准备金使银行贷款减少了 7.7 美分。我们的研究结果表明，由于银行资产负债表的成本，中央银行大量注入储备金会产生挤出银行贷款的意外后果。

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The reserve supply channel of unconventional monetary policy

We find that central bank reserves injected by QE crowd out bank lending. We estimate a structural model with cross-sectional instrumental variables for deposit and loan demand. Our results are determined by the elasticity of loan demand and the impact of reserve holdings on the cost of supplying loans. The reserves injected by QE raise loan rates by 7.4 basis points, and each dollar of reserves reduces bank lending by 7.7 cents. Our results imply that a large injection of central bank reserves has the unintended consequence of crowding out bank loans because of bank balance sheet costs.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.