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How Quantitative Easing Works: Evidence on the Refinancing Channel

Marco Di Maggio, Amir Kermani, Christopher Palmer

NBER Working Paper No. 22638
Issued in September 2016, Revised in September 2016

---- Acknowledgments ----

A previous version of this paper was circulated under the title, “Unconventional Monetary Policy and the Allocation of Credit.” For helpful comments and discussions, we thank our discussants, Florian Heider, Anil Kashyap, Deborah Lucas, Philipp Schnabl, and Felipe Severino; Adam Ashcraft, Charles Calomiris, Andreas Fuster, Robin Greenwood, Sam Hanson, Arvind Krishnamurthy, Michael Johannes, David Romer, David Scharfstein, Jeremy Stein, Johannes Stroebel, Stijn Van Nieuwerburgh, Annette Vissing-Jørgensen, and Paul Willen; workshop participants at Berkeley and Columbia; and seminar participants at NBER Monetary Economics, the Econometric Society 2016 Meetings, the EEA 2016 meetings, Federal Reserve Board, HEC Paris, Northwestern-Kellogg, NYU-Stern, NY Fed/NYU Stern Conference on Financial Intermediation, the Paul Woolley Conference at LSE, Penn State, San Francisco Federal Reserve, Stanford, Stanford GSB, St. Louis Fed Monetary Policy and the Distribution of Income and Wealth Conference, University of Minnesota-Carlson, University of Illinois at Urbana-Champaign, and USC-Price. We also thank Sam Hughes, Sanket Korgaonkar, Christopher Lako, and Jason Lee for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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