Central bank balance sheet expansion, through actions like quantitative easing, is run through commercial banks. While this increases liquid central bank reserves held on commercial bank balance sheets, demandable uninsured deposits issued to finance the reserves also increase. Subsequent shrinkage in the central bank balance sheet may entail shrinkage in bank-held reserves without a commensurate reduction in deposit claims. Furthermore, during episodes of liquidity stress, when many claims on liquidity are called, surplus banks may hoard reserves. As a result, central bank balance sheet expansion may create less additional liquidity than typically thought, and indeed, may increase the probability and severity of episodes of liquidity stress.

中文翻译：

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流动性，流动性无处不在，一滴都用不完：为什么向银行注入央行储备可能无法扩大流动性


央行通过量化宽松等行动扩张资产负债表，是通过商业银行进行的。虽然这增加了商业银行资产负债表上持有的央行流动性准备金，但为准备金融资而发行的可活期未保险存款也增加了。随后央行资产负债表的收缩可能会导致银行持有的准备金减少，而存款索赔却没有相应减少。此外，在流动性紧张时期，当许多流动性债权被调用时，盈余银行可能会囤积准备金。因此，央行资产负债表扩张所产生的额外流动性可能比通常认为的要少，而且实际上可能会增加出现流动性压力的可能性和严重程度。