what do a million observations on banks say about the transmission of monetary policy（一百万年对银行说货币政策的传播呢）.pdfVIP

What Do a Million Observations on Banks Say About the Transmission of Monetary Policy? By ANIL K KASHYAP AND JEREMY C. STEIN* We study the monetary-transmission mechanism with a data set that includes quarterly observations of every insured U.S. commercial bank from 1976 to 1993. We find that the impact of monetary policy on lending is stronger for banks with less liquid balance sheets—i.e., banks with lower ratios of securities to assets. More- over, this pattern is largely attributable to the smaller banks, those in the bottom 95 percent of the size distribution. Our results support the existence of a “bank lending channel” of monetary transmission, though they do not allow us to make precise statements about its quantitative importance. (JEL E44, E52, G32) In this paper, we use a new and very big data seek to learn here is whether there are also set to address an old and very basic question, important cross-sectional differences in the way namely: how does monetary policy work? With that banks with varying characteristics respond an almost 20-year panel that includes quarterly to policy shocks. data on every insured commercial bank in the In particular, we ask whether the impact of United States—approximately 1 million bank- monetary policy on lending behavior is stronger quarters in all—we are able to trace out the for banks with less liquid balance sheets, where effects of monetary policy on the lending be- liquidity is measured by the ratio of securities to havior of individual banks. It is already well assets. It turns out that the answer