关键字：

【ECON20181209】

宏观经济学研讨会

（总第244期）

 

【时间】2018年5月23日（周三）12：15－13：45

【地点】明商0202教室

【主讲】随晓芹 中国人民大学经济学院

【主题】The Effects of Quantitative Easing on Bank（Alexander Rodnyansky & Olivier M. Darmouni, The Review of Financial Studies, 2017）

【点评】刘凯 中国人民大学经济学院副教授

【摘要】Banks’ exposure to large-scale asset purchases, as measured by the relative prevalence of mortgage-backed securities on their books, affects lending following unconventional monetary policy shocks. Using a difference-in-differences identification strategy, this paper finds strong effects of the first and third round of quantitative easing (QE1 and QE3) on credit. Highly affected commercial banks increase lending by 2% to 3% relative to their counterparts. QE2 had no significant impact, consistent with its exclusive focus on Treasuries sparsely held by banks. Overall, banks respond heterogeneously, and the type of asset being targeted is central to QE.

【主持】陈彦斌 教授

人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。

联系人：刘哲希    Email：Macro_Workshop@163.com

资料下载：www.docin.com/mydoc-88265459-1.html

更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn。

 

 

中国经济改革与发展研究院