作者：Levine, Ross; Lin, Chen; Tai, Mingzhu; Xie, Wensi
作者单位：University of California System; University of California Berkeley; University of Hong Kong; Chinese University of Hong Kong
摘要：Why did banks experience massive deposit inflows during the pandemic? We discover that deposit interest rates at bank branches in counties with higher COVID-19 infection rates fell by more than rates at branches-even branches of the same bank-in counties with lower infection rates. Credit drawdowns, national policies, such as the Payment Protection Program, and a flight-to-safety do not account for these cross-branch changes in deposit rates. Evidence suggests that higher local COVID-19 infect...
