というNBER論文が上がっている(ungated(SSRN)版)。原題は「The Reserve Supply Channel of Unconventional Monetary Policy」で、著者はWilliam F. Diamond(ペンシルベニア大)、Zhengyang Jiang(ノースウエスタン大)、Yiming Ma(コロンビア大)。 以下はその要旨。 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 e