The Reserve Supply Channel of Unconventional Monetary Policy

We thank Olivier Darmouni, Mark Egan (discussant), Arvind Krishnamurthy, Giorgia Piacentino, Luke Taylor, Quentin Vandeweyer, Stijn van Nieuwerburgh, Jessica Wachter, Yufeng Wu (discussant), Yao Zeng, and audiences at Columbia Business School, Durham University, Kellogg, Johns Hopkins, London Business School, Michigan Ross, NYU Stern, University of Amsterdam, Virgnia Darden Business School, University of Utah, Wharton, ASSA, Chicago Junior Macro and Finance Conference, Columbia Workshop on New Empirical Methods, EFA, Midwest Finance Association Conference, NYU Stern New York Fed Intermediation Conference, Yale Junior Macro-Finance Workshop, and WFA for feedback and helpful comments. We thank Naz Koont for excellent research assistance. This paper was previously circulated under the title “Monetary Transmission Through Bank Balance Sheet Synergies.” The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.