Quantitative Easing, Collateral Constraints, and Financial Spillovers
研究了量化宽松对国际资产价格和资本流动的非单调影响，通过一个模型揭示国内私人投资者在不同杠杆状态下调整资产组合以抵消QE效果，导致QE规模扩大时影响减弱甚至逆转。
The steady application of quantitative easing (QE ) has been followed by big and nonmonotonic effects on international asset prices and capital flows. We rationalize these observations in a model in which a central bank buys domestic assets that serve as the best collateral for investors worldwide. The crucial insight is that domestic private agents adjust their portfolios of domestic and foreign assets in different ways to offset QE, conditional on whether they are (i) fully leveraged, (ii ) partially leveraged, or (iii) unleveraged. These portfolio shifts can diminish or even reverse the impact of ever-larger QE interventions on asset prices.