The Reserve Supply Channel of Unconventional Monetary Policy
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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
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美国国家经济研究局创建时间：
2023-09-01
