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This paper develops a new toolbox for multiple structural break detection inpanel data models with interactive effects. The toolbox includes tests for thepresence of structural breaks, a break date estimator, and a break dateconfidence interval. The new toolbox is applied to a large panel of US banksfor a period characterized by massive quantitative easing programs aimed atlessening the impact of the global financial crisis and the COVID--19 pandemic.The question we ask is: Have these programs been successful in spurring banklending in the US economy? The short answer turns out to be: ``No''.

Multiple Structural Breaks in Interactive Effects Panel Data and the Impact of Quantitative Easing on Bank Lending