Quantitative Easing and Bank Risk Taking: Evidence from Lending
利用美联储量化宽松期间银行准备金的外生变化，实证检验了准备金创造对贷款增长和风险承担的正向因果效应。
Abstract We empirically test early monetary theories in which reserve creation plays a crucial role in the transmission of quantitative easing (QE). Analyzing the unprecedented injection of reserves across several Federal Reserve QE programs, we demonstrate a causal effect of bank‐level reserve accumulation on lending and risk‐taking activity. To overcome the endogeneity of bank‐level reserve increases to banks' other portfolio decisions, we employ instruments made available by a regulatory change that strongly influenced the distribution of reserves in the banking system. Consistent with the theory, we document that reserve creation leads to higher total loan growth and increased risk taking.