Institutional Investors and the QE Portfolio Balance Channel
研究了英国量化宽松政策下保险公司和养老基金的投资行为，发现它们将投资从政府债券转向公司债券，但未转向股票，验证了投资组合平衡渠道的作用。
The operation of the portfolio balance channel has been emphasized by monetary policymakers as a key channel through which quantitative easing (QE) policies work. We assess whether the investment behavior of insurance companies and pension funds in the United Kingdom during the global financial crisis was consistent with such an effect by analyzing both sectoral and institution‐level data. Our results suggest QE led to institutional investors shifting their portfolios away from government bonds toward corporate bonds but did not lead to a shift into equities.