We examine the impact of economic policy uncertainty (EPU) on bank liquidity hoarding. We create a comprehensive measure of bank liquidity hoarding that takes into account asset-, liability-, and off-balance sheet activities. Using over one million bank-quarter observations, we find that in response to EPU, banks hoard liquidity overall and through all three components. This behavior is more pronounced for banks with less liquidity, more peer-bank spillover effects, and more EPU exposure. Additional analyses of interest rate spreads on several bank products suggest that our findings reflect at least in part bank choices, rather than just the reactions of customers.

我们研究了经济政策不确定性（EPU）对银行流动性ho积的影响。我们创建了一种综合的衡量银行流动性的方法，该方法考虑了资产，负债和表外活动。通过使用超过一百万个银行季度的观察结果，我们发现，针对EPU，银行总体上以及通过所有三个组成部分都ho积了流动性。对于流动性较低，同业银行溢出效应更大，EPU敞口更大的银行，这种行为更为明显。对几种银行产品的利率利差的其他分析表明，我们的发现至少反映了部分银行的选择，而不仅仅是客户的反应。