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Expansionary yet different : credit supply and real effects of negative interest rate policy

Bottero, Margherita; Minoiu, Camelia; Peydró, José-Luis; … - 2020

Persistent link: https://www.econbiz.de/10012204741

Fungáčová, Zuzana; Kerola, Eeva; Laine, Olli-Matti - 2023

This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010-2020. We find changes in the pass-through as policy rates first dip below zero in 2014 and again when negative interest rates become more persistent...

Persistent link: https://www.econbiz.de/10014308203

Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area

Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2021 - First version: June 15, 2021, this version: October 12, 2021

In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an...

Persistent link: https://www.econbiz.de/10012649768

Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area

Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2024

We study the interaction of expansionary rate-based monetary policy and quantitative easing, despite their concurrent implementation, by exploiting heterogeneous banks and the introduction of negative monetary-policy rates in a fragmented euro area. Quantitative easing increases credit supply...

Persistent link: https://www.econbiz.de/10014520834

Negative interest rates, excess liquidity and bank business models : banks' reaction to unconventional monetary policy in the euro area

Demiralp, Selva; Eisenschmidt, J.; Vlassopoulos, T. - 2017

In June 2014 the ECB became the first major central bank to lower one of its key policy rates to negative territory. The theoretical and empirical literature is silent on whether banks’ reaction would be different when the policy rate is lowered to negative levels compared to a standard...

Persistent link: https://www.econbiz.de/10011635511

Negative interest rates, excess liquidity and retail deposits : banks’ reaction to unconventional monetary policy in the euro area

Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - In: European economic review : EER 136 (2021), pp. 1-29

Persistent link: https://www.econbiz.de/10012696751

Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area

Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019

’ funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis. …

Persistent link: https://www.econbiz.de/10012009191

Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area

Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019

that reliance on retail deposit funding and the level of excess liquidity holdings may increase banks' responsiveness to … coverage of our loan data and the explicit consideration of banks' excess liquidity holdings are likely reasons for this … different result compared to some earlier literature. We are the first to document the importance of banks' excess liquidity …

Persistent link: https://www.econbiz.de/10012098146

Implications of negative interest rates for the net interest margin and lending of euro area banks

Klein, Melanie - 2020

This paper explores the impact of low (but) positive and negative market interest rates on euro area banks' net interest margin (NIM) and its components, retail lending and retail deposit rates. Using two proprietary bank-level data sets, I find a positive impact of the level of the short-term...

Persistent link: https://www.econbiz.de/10012179680

Implications of negative interest rates for the net interest margin and lending of euro area banks

Klein, Melanie - 2020

Persistent link: https://www.econbiz.de/10012183080