This paper investigates the impact of bank risk positions on their lending outcomes during quantitative easing (QE) interventions. We find that after the first and second round of QE, banks with lower default probabilities expand lending more in comparison to their risky counterparts. However, differences were no longer relevant in the third round of QE, which occurred at a time when the banking sector health was improved relative to QE1. Our findings suggest that bank riskiness is important for the transmission of unconventional monetary policy interventions.

中文翻译：

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银行风险和贷款结果：来自量化宽松的证据

本文研究了在量化宽松 (QE) 干预期间银行风险头寸对其贷款结果的影响。我们发现，在第一轮和第二轮量化宽松之后，与风险较高的银行相比，违约概率较低的银行更多地扩大贷款。然而，在第三轮 QE 中，差异不再相关，这发生在银行业健康状况相对于 QE1 有所改善的时候。我们的研究结果表明，银行风险对于非常规货币政策干预的传导很重要。