Credit Traps
研究货币政策在刺激信贷和投资方面的局限性，发现流动性注入可能被银行囤积而不贷出，导致“信贷陷阱”，并分析量化宽松如何通过提升抵押品价格来促进贷款和投资。
This paper studies the limitations of monetary policy in stimulating credit and investment. We show that, under certain circumstances, unconventional monetary policies fail in that liquidity injections into the banking sector are hoarded and not lent out. We use the term “credit traps” to describe such situations and show how they can arise due to the interplay between financing frictions, liquidity, and collateral values. We show that small contractions in monetary policy can lead to a collapse in lending. Our analysis demonstrates how quantitative easing may be useful in increasing collateral prices, bank lending, and aggregate investment.