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The new methods include tests for the presence of structural breaks, estimators for the number of breaks and their location, and a method for constructing asymptotically valid break date confidence intervals. The new methodology is applied to a large panel of US banks for a period characterized by massive quantitative easing programs aimed at lessening the impact of the global financial crisis and the COVID\u201019 pandemic. The question we ask is as follows: Have these programs been successful in spurring bank lending in the US economy? The short answer turns out to be: \u201cNo\u201d.<\/jats:p>","DOI":"10.1002\/jae.3097","type":"journal-article","created":{"date-parts":[[2024,11,13]],"date-time":"2024-11-13T07:15:53Z","timestamp":1731482153000},"page":"74-88","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":51,"title":["Multiple Structural Breaks in Interactive Effects Panel Data Models"],"prefix":"10.1002","volume":"40","author":[{"given":"Jan","family":"Ditzen","sequence":"first","affiliation":[{"name":"Faculty of Economics and Management Free University of Bozen\u2010Bolzano  Bozen Italy"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Yiannis","family":"Karavias","sequence":"additional","affiliation":[{"name":"Department of Economics and Finance Brunel University London  London UK"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Joakim","family":"Westerlund","sequence":"additional","affiliation":[{"name":"Department of Economics Lund University  Lund Sweden"},{"name":"Department of Economics Deakin University  Melbourne Victoria Australia"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2024,11,12]]},"reference":[{"key":"e_1_2_9_2_1","doi-asserted-by":"publisher","DOI":"10.2307\/2951764"},{"key":"e_1_2_9_3_1","doi-asserted-by":"publisher","DOI":"10.1080\/07474938.2018.1454378"},{"key":"e_1_2_9_4_1","doi-asserted-by":"publisher","DOI":"10.1162\/003465397557132"},{"key":"e_1_2_9_5_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-4076(98)00079-7"},{"key":"e_1_2_9_6_1","doi-asserted-by":"publisher","DOI":"10.2307\/2998540"},{"key":"e_1_2_9_7_1","doi-asserted-by":"publisher","DOI":"10.1111\/1368-423X.00102"},{"key":"e_1_2_9_8_1","doi-asserted-by":"publisher","DOI":"10.1002\/jae.659"},{"key":"e_1_2_9_9_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2015.03.048"},{"key":"e_1_2_9_10_1","doi-asserted-by":"publisher","DOI":"10.1080\/07474938.2015.1114262"},{"key":"e_1_2_9_11_1","doi-asserted-by":"publisher","DOI":"10.1002\/jae.2769"},{"key":"e_1_2_9_12_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2019.09.007"},{"key":"e_1_2_9_13_1","doi-asserted-by":"publisher","DOI":"10.1080\/07474938.2023.2292383"},{"key":"e_1_2_9_14_1","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdz060"},{"key":"e_1_2_9_15_1","doi-asserted-by":"publisher","DOI":"10.1177\/1536867X1801800306"},{"key":"e_1_2_9_16_1","unstructured":"Ditzen J. 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