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 loans. The reserves injected by QE raise loan rates by 7.4 basis points, and each dollar of reserves reduces bank lending by 7.7 cents. Our results imply that a large injection of central bank reserves has the unintended consequence of crowding out bank loans because of bank balance sheet costs.

中文翻译：

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非常规货币政策的储备供给渠道


我们发现，通过量化宽松注入的央行准备金挤出了银行贷款。我们利用存款和贷款需求的横截面工具变量来估计结构模型。我们的结果取决于贷款需求的弹性以及储备金持有量对贷款成本的影响。 QE注入的准备金使贷款利率提高7.4个基点，每1美元准备金使银行贷款减少7.7美分。我们的结果表明，央行大量注入准备金会产生意想不到的后果，即由于银行资产负债表成本而挤出银行贷款。