assesses the effect of the NIRP on the net interest rate margins of the euro area banks using quarterly consolidated bank level … policy rates. The econometric results confirm the effect of the interest rate level on bank profitability and, in some … specifications, also suggest an additional negative effect on bank profitability in the period of negative euro area short …

European bank equity values - an effect that is normally positive - has become negative since interest rates in the euro area …

turn, would require the central bank to rethink its monetary policy to the extent that traditional relationships between … inflation and economic growth are no longer valid. But such a rethinking presupposes that prospective advances in information … mechanism in a 'new economy' environment. We argue that, although the form of central bank instruments and current methods for …

the world’s advanced economies. With lending rates depressed, growth in credit to the domestic non-bank sector has …

Does the effect of monetary policy depend on the macroeconomic information released by the central bank? Because … differences between central bank's and private agents' information sets affect private agents' interpretation of policy decisions …, this paper aims to investigate whether the publication of macroeconomic information by the central bank modifies private …

This paper discusses central bank digital currency (CBDC) and its potential impact on the monetary transmission … central bank money to the real economy. We conclude that monetary policy would be able to operate much as it does now, by … varying the price or quantity of central bank money, and that transmission may even strengthen for a given change in policy …

We show that lender of the last resort (LOLR) policy contributes to higher bank interconnectedness and systemic risk … central bank haircuts. LOLR increases interconnectedness by incentivizing banks to pledge higher haircut gap bonds, especially … issued by similar banks and by systemically important banks. LOLR also exacerbates cross-pledging of bank bonds. Higher …

In response to the Great Financial Crisis, the Federal Reserve and the Bank of England have adopted unconventional … bound. To do so we add a stylised financial sector and central bank asset purchases to an otherwise standard New Keynesian … unconventional monetary policy instruments are coordinated appropriately then the central bank is better able to stabilise both …

Central bank communication is becoming a key aspect of monetary policy as a consequence of financial liberalization and … the People's Bank of China (PBoC) should be a key question for the central bank in modernising its monetary policy toolkit …