This paper econometrically tests for effects on bank lending of the Federal Reserve’s policy of paying interest on excess reserves (IOER). Following the 2008 financial crisis, US banks decreased their loan allocations and increased holdings of excess reserves. A model of bank asset allocation shows that when the rate of IOER is higher than other short-term rates, banks will switch from zero excess reserves to a regime with higher excess reserves and lower lending. Using a sample of panel data on US banks from 2000 through 2018, we find evidence of a switch to a positive excess reserve regime in the post-crisis period. Controlling for market interest rates, loan demand, and economic activity, we find that IOER accounts for the majority of the decline in bank lending after the financial crisis.

本文从经济学角度测试了美联储超额准备金支付政策对银行贷款的影响。在2008年金融危机之后，美国银行减少了贷款分配，增加了超额准备金的持有量。银行资产配置模型显示，当IOER利率高于其他短期利率时，银行将由零超额准备金转向高超额准备金和较低贷款的制度。使用2000年至2018年美国银行业的面板数据样本，我们发现有证据表明，在危机后时期，该行转为正超额准备金制度。通过控制市场利率，贷款需求和经济活动，我们发现IOER占了金融危机后银行贷款下降的大部分。