论文标题
交互式效应面板数据中的多个结构性断裂以及定量放松对银行贷款的影响
Multiple Structural Breaks in Interactive Effects Panel Data and the Impact of Quantitative Easing on Bank Lending
论文作者
论文摘要
本文开发了一个新的工具箱，用于具有交互式效果的面板数据模型中的多个结构断裂检测。该工具箱包括有关存在结构断裂，断点日期估计器和中断日期置信区间的测试。新的工具箱适用于美国银行的大型小组，其特征是旨在减少全球金融危机和Covid-19-19-19大流行的大规模量化计划。我们提出的问题是：这些计划是否成功地促进了美国经济的银行贷款？简短的答案是：``不''。
This paper develops a new toolbox for multiple structural break detection in panel data models with interactive effects. The toolbox includes tests for the presence of structural breaks, a break date estimator, and a break date confidence interval. The new toolbox is applied to a large panel of US banks for a period characterized by massive quantitative easing programs aimed at lessening the impact of the global financial crisis and the COVID--19 pandemic. The question we ask is: Have these programs been successful in spurring bank lending in the US economy? The short answer turns out to be: ``No''.
