Quantitative Easing and Portfolio Rebalancing: Micro Evidence from Irish Resident Banks
利用欧洲央行资产购买计划的独特数据，发现爱尔兰银行并未因该计划而改变对合格证券的购买趋势，表明投资组合再平衡渠道可能受到外生约束的限制。
This Economic Letter examines whether the portfolio rebalancing channel has been effective for Irish resident banks after the introduction of the ongoing Extended Asset Purchasing Programme (EAPP) initiated by the European Central Bank (ECB) in March 2015. Using a unique security level dataset on the programme’s purchases and banks’ holdings, I find that banks did not change purchasing trends regarding securities eligible to be bought under the EAPP. This is consistent with the hypothesis about exogenous constraints that might limit the pass-through of asset purchases to the real economy through the banking system.