The Reserve Supply Channel of Unconventional Monetary Policy
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下载链接：
https://www.nber.org/papers/w31693
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资源简介：
We find that central bank reserves injected by QE crowd out bank lending. We estimate a structural model with cross-sectional instrumental variables for deposit and loan demand. Our results are determined by the elasticity of loan demand and the impact of reserve holdings on the cost of supplying
提供机构：
美国国家经济研究局
创建时间：
2023-09-01
