What Do a Million Observations on Banks Say About the Transmission of Monetary Policy?
利用1976至1993年美国所有投保商业银行的季度数据，研究发现货币政策对贷款的影响在流动性较低的银行（证券资产比率低）中更强，且主要由小银行驱动，支持了银行信贷渠道的存在。
We study the monetary-transmission mechanism with a data set that includes quarterly observations of every insured U.S. commercial bank from 1976 to 1993. We find that the impact of monetary policy on lending is stronger for banks with less liquid balance sheets—i.e., banks with lower ratios of securities to assets. Moreover, this pattern is largely attributable to the smaller banks, those in the bottom 95 percent of the size distribution. Our results support the existence of a “bank lending channel” of monetary transmission, though they do not allow us to make precise statements about its quantitative importance.