Eggertsson, Gauti B.; Juelsrud, Ragnar E.; Summers, … - 2019
that bank lending rates in some cases increased rather than decreased in response to policy rate cuts. Based on the … aggregate and bank level data, we document that deposit rates stopped responding to policy rates once they went negative and … empirical evidence, we construct a macro-model with a banking sector that links together policy rates, deposit rates and lending …