Quantitative Easing and Direct Lending in Response to the COVID‐19 Crisis
构建动态一般均衡模型，研究量化宽松通过流动性溢价、波动风险溢价和信用风险溢价三个渠道的作用，以及直接贷款相比量化宽松更具扩张性的原因。
Abstract This paper develops a dynamic general equilibrium model to study quantitative easing (QE) and direct lending to firms. QE works through three channels: expanding bank reserves raises liquidity and lowers the liquidity premium, purchasing assets withdraws risk and lowers the volatility risk premium, and the resulting economic stimulus lowers the credit risk premium. When bank reserves are higher, the liquidity premium channel is weaker, and QE is less expansionary. Direct lending is more expansionary than QE because it substitutes bank lending and mitigates the credit risk frictions associated with bank lending, while QE stimulates bank lending and worsens the frictions.