We show that widely used macroprudential regulations that rely on historical cost accounting (HCA) to insulate banks’ balance sheets from financial market volatility significantly affect the transmission of monetary policy onto bank lending. Using detailed supervisory data from Italian banks, we find that HCA mutes the transmission of quantitative easing and other monetary policies that affect the long end of the yield curve, weakening the effectiveness of interventions aimed at reducing firm credit constraints. We suggest alternative policies that have the benefits of HCA but allow monetary policy to pass through. (JEL E52, G21, M48)

中文翻译：

---

宏观审慎监管、量化宽松和银行贷款


我们表明，广泛使用的宏观审慎监管依赖于历史成本会计 （HCA） 来使银行的资产负债表免受金融市场波动的影响，从而显着影响货币政策向银行贷款的传导。使用意大利银行的详细监管数据，我们发现 HCA 抑制了影响收益率曲线长端的量化宽松和其他货币政策的传导，削弱了旨在减少企业信贷约束的干预措施的有效性。我们建议采取具有 HCA 优势但允许货币政策通过的替代政策。（JEL E52、G21、M48）