Employment effects of unconventional monetary policy: Evidence from QE

• 成果类型: Article
• 署名作者: Luck, Stephan; Zimmermann, Tom
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; University of Cologne
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2019.07.004
• 发表日期: 2020
• 页码: 678-703
• 关键词: Bank lending channel; quantitative easing

摘要

This paper investigates employment effects of the Federal Reserve's quantitative easing policies (QE) via a bank lending channel. We find that banks with higher mortgage-backed securities holdings refinanced relatively more mortgages after the first round of QE, which increased local consumption and employment in the nontradable goods sector. In contrast, banks increased lending to firms and home purchase mortgage origination after the third round of QE, which led to a sizable increase in overall employment. Our findings are supported by new confidential loan-level data that show firms with stronger ties to affected banks increased employment and capital investment more during QE3. (C) 2019 Elsevier B.V. All rights reserved.