Whatever It Takes: The Real Effects of Unconventional Monetary Policy
研究欧洲央行OMT计划对银行和企业的实际影响，发现该计划虽稳定了银行体系，但弱资本银行仍向僵尸企业放贷，这些企业将资金用于囤积现金而非投资就业，挤出了优质企业，拖累经济复苏。
Abstract Launched in Summer 2012, the European Central Bank’s (ECB) Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the banking sector did not fully translate into economic growth. We document zombie lending by banks that remained weakly capitalized even post-OMT. In turn, firms receiving loans used these funds not to undertake real economic activity, such as employment and investment, but to build cash reserves. Creditworthy firms in industries with a high zombie firm prevalence significantly suffered from this credit misallocation, which further slowed the economic recovery. Received March 21, 2018; editorial decision November 13, 2018 by Editor Philip Strahan. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.