NDLI: QE and the Bank Lending Channel in the United Kingdom

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QE and the Bank Lending Channel in the United Kingdom

Content Provider	AgEcon Search
Author	Buttz, Nick Churmz, Rohan McMahon, Michael Morotzz, Arpad Schanz, Jochen
Abstract	We test whether quantitative easing (QE), in addition to boosting aggregate demand and inflation via portfolio rebalancing channels, operated through a bank lending channel (BLC) in the UK. Using Bank of England data together with an instrumental variables approach, we find no evidence of a traditional BLC associated with QE. We show, in a simple framework, that the traditional BLC is diminished if the bank receives ‘flighty’ deposits (deposits that are likely to quickly leave the bank). We show that QE gave rise to such flighty deposits which may explain why we find no evidence of a BLC.
Related Links	https://ageconsearch.umn.edu/record/270021/files/twerp_1073_mcmahon.pdf
Page Count	40
File Format	PDF
DOI	10.22004/ag.econ.270021
Language	English
Publisher Date	2015-10-10
Access Restriction	Open
Subject Keyword	Applied Economics Agricultural Economics Agri-economic Open Access Database Research in Applied Economics Research in Agricultural Economics Higher Study On Agricultural Economics Higher Study On Applied Economics Agricultural Research Documents Agrarian Economy & Research Higher Study Agri-economics Research in Economics Agri-economic Open Access Repository Statistics in Agricultural Economics Monetary Policy, Bank Lending Channel, Quantitative Easing Monetary Policy Bank Lending Channel Quantitative Easing Financial Economics
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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