Quantitative Easing, Investment, and Safe Assets: The Corporate Bond–Lending Channel
研究发现量化宽松通过公司债券-贷款渠道刺激投资：美联储大规模购买抵押贷款支持证券和国债造成安全资产短缺，促使较安全的企业发行相对安全的债券进行投资。
Abstract We show that Quantitative Easing (QE) stimulates investment via a corporate bond–lending channel. Fed's large‐scale purchases of mortgage‐backed securities (MBS) and treasuries create a vacuum of safe assets, prompting safer firms to invest by issuing relatively “safe” bonds. Using microdata around different QE rounds, our robust results suggest that QE increases the investment of firms with bond market access. The effect is larger for safer firms. This growth is financed with senior bonds, without higher shareholders' payouts. Results hold excluding the financial crisis period. The findings support a stylized model where lower supply of treasuries reduces “safe” corporate bond yields, stimulating investment.