Transmission of Quantitative Easing: The Role of Central Bank Reserves
实证发现量化宽松通过准备金扩张影响银行资产负债表和投资组合再平衡，从而传导至长期利率，瑞士央行不购买长期证券仅扩大准备金的数据支持这一机制。
This article presents empirical evidence of a reserve-induced transmission channel of quantitative easing to long-term interest rates. Reserve-induced effects are independent of the assets purchased and run through the impact of reserve expansions on bank balance sheets and the resulting bank portfolio rebalancing. For evidence, we analyse the reaction of Swiss long-term government bond yields to announcements by the Swiss National Bank to expand central bank reserves without acquiring any long-lived securities. The data suggest that declines in long-term yields following the announcements mainly reflected reduced term premiums, consistent with reserve-induced portfolio balance effects.