Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/233588 
Erscheinungsjahr: 
2020
Versionsangabe: 
This Draft: October 25, 2020
Verlag: 
ZBW – Leibniz Information Centre for Economics, Kiel, Hamburg
Zusammenfassung: 
We show that Quantitative Easing (QE) stimulates investment via a corporate-bond lending channel. Fed's large-scale purchases of MBS and treasuries creates a vacuum of safe assets, prompting safer firms to invest by issuing relatively "safe" bonds. Using micro-data around QE, we find that QE increases firm-level investment by 7.4 percentage points for firms with bond market access. Results hold excluding the financial crisis period. This growth is financed with senior bonds. We find no evidence of higher shareholders' payouts. The robust findings support a stylized model in which reducing the supply of treasuries lowers "safe" corporate bond yields, stimulating investment.
Schlagwörter: 
Quantitative Easing
Corporate-Bond Lending Channel
Investment
Safe Assets
Financing
JEL: 
E5
G01
G31
G32
G38
Dokumentart: 
Working Paper

Datei(en):
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