| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13499
|
| DP13499 Quantitative Easing and the Hot Potato Effect: Evidence from Euro Area Banks |
| Karl Whelan; Ellen Ryan
|
| 发表日期 | 2019-02-01
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | We use a bank-level data set to examine the behaviour of central bank reserves in the euro area banking system over the course of the ECB QE programme. Previous research on QE has generally paid little attention to the role of reserve dynamics within the banking system and some have assumed that the system passively absorbs additional reserves generated by asset purchases. However, with a negative deposit rate in place throughout the sample we study, euro area banks have had a disincentive to hold excess reserves and thus could wish to treat them as a “hot potato” that is preferably passed on to other banks. We find evidence for this hot potato effect, reporting substantial month-to-month churn in bank reserves as well as evidence that banks are responding to high reserve balances by pushing them off their balance sheets. Unlike in the traditional money multiplier model, where excess reserves are used in loan creation, banks appear to be primarily managing reserves through debt security purchases. As such, this hot potato effect seems likely to have had an effect on European bond yields that is distinct from the portfolio rebalancing effect emphasised in the QE literature thus far. |
| 主题 | International Macroeconomics and Finance
; Monetary Economics and Fluctuations
|
| 关键词 | Quantitative easing
Reserves
Central banks
|
| URL | https://cepr.org/publications/dp13499
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542315
|
推荐引用方式
GB/T 7714 |
Karl Whelan,Ellen Ryan. DP13499 Quantitative Easing and the Hot Potato Effect: Evidence from Euro Area Banks. 2019.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
