Macroprudential Regulation, Quantitative Easing, and Bank Lending

• 成果类型: Article
• 署名作者: Orame, Andrea; Ramcharan, Rodney; Robatto, Roberto
• 署名单位: European Central Bank; Bank of Italy; University of Southern California; University of Wisconsin System; University of Wisconsin Madison
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhae085
• 发表日期: 2025
• 页码: 1545
• 关键词: monetary-policy; to-market; IMPACT; rates; say

摘要

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.