Better than risk‐free: Reserve premiums and bank lending
研究了美联储支付超额准备金利息后，银行面临“优于”无风险利率的选择，发现准备金溢价导致国内银行贷款减少5.1%，并有助于抑制通胀。
Abstract When the Federal Reserve first paid interest on excess reserves (IOER) in October 2008, banks faced a choice to earn a “better than” risk‐free rate, or lend to earn a higher, riskier rate. Evidence suggests the “reserves‐lending puzzle” is not driven by endogeneity from reverse causality, flight to safety, or increased Treasury supply, but by the introduction of the “reserve premium” (IOER‐3MT), which is associated with a reduction of domestic bank‐level lending by ‐5.1% (‐$420.2B). Findings suggest the reserves risk channel can aid in restricting inflation. Additionally, recent Senior Financial Officer Surveys corroborate the conclusions presented in this paper.