【ECON20181209】  
 
      宏觀經濟學研討會          （總第244期）      
   
      【時間】2018年5月23日（周三）12：15－13：45          【地點】明商0202教室          【主講】隨曉芹 中國人民大學經濟學院          【主題】The Effects of Quantitative Easing on Bank（Alexander Rodnyansky & Olivier M. Darmouni, The Review of Financial Studies, 2017）          【點評】劉凱 中國人民大學經濟學院副教授          【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】陳彥斌 教授          
           人大宏觀經濟學研討會（Macro Workshop）旨在追蹤宏觀經濟學國際最新進展，倡導構建符合國情的動態優化模型，并使用計算機模擬研究經濟增長、收入分配和宏觀政策等中國宏觀經濟重大問題。      
聯系人：劉哲希    Email：Macro_Workshop@163.com  
 
資料下載：www.docin.com/mydoc-88265459-1.html  
 
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      中國人民大學經濟學院