| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10875 |
| DP10875 QE and the Bank Lending Channel in the United Kingdom | |
| Michael McMahon; Arpad Morotz; Nicholas Butt; Jochen Schanz; Rohan Churm | |
| 发表日期 | 2015-10-11 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We test whether quantitative easing (QE), in addition to boosting aggregate demand and inflation via portfolio rebalancing channels, operated through a bank lending channel (BLC) in the UK. Using Bank of England data together with an instrumental variables approach, we find no evidence of a traditional BLC associated with QE. We show, in a simple framework, that the traditional BLC is diminished if the bank receives 'flighty' deposits (deposits that are likely to quickly leave the bank). We show that QE gave rise to such flighty deposits which may explain why we find no evidence of a BLC. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Bank lending channel monetary policy Quantitative easing |
| URL | https://cepr.org/publications/dp10875 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539705 |
| 推荐引用方式 GB/T 7714 | Michael McMahon,Arpad Morotz,Nicholas Butt,et al. DP10875 QE and the Bank Lending Channel in the United Kingdom. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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