The Effects of Quantitative Easing on Bank Lending Behavior
研究发现，银行持有的抵押贷款支持证券比例越高，量化宽松对其贷款的影响越大。第一和第三轮量化宽松使受影响的银行贷款增加2%至3%，而第二轮因主要购买国债而效果不显著。
Banks’ exposure to large-scale asset purchases, as measured by the relative prevalence of mortgage-backed securities on their books, affects lending following unconventional monetary policy shocks. Using a difference-in-differences identification strategy, this paper finds strong effects of the first and third round of quantitative easing (QE1 and QE3) on credit. Highly affected commercial banks increase lending by 2% to 3% relative to their counterparts. QE2 had no significant impact, consistent with its exclusive focus on Treasuries sparsely held by banks. Overall, banks respond heterogeneously, and the type of asset being targeted is central to QE. Received January 13, 2016; editorial decision January 18, 2017 by Editor Philip Strahan.