Search Results - subject_exact:"Niedrigzinspolitik"

Household behavior below the zero lower bound

Andersen, Asger Lau; Johannesen, Niels; Petersen, Jens … - 2026

How do households respond when deposit rates drop below zero? Using administrative micro data and exploiting cross-bank variation in interest rate policies, we study a major episode of negative deposit rates in Denmark affecting two thirds of household deposits. We find that households strongly...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654675

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Household behavior below the zero lower bound

Andersen, Asger Lau; Johannesen, Niels; Petersen, Jens … - 2026

Book / Working Paper

Household behavior below the zero lower bound

Andersen, Asger Lau; Johannesen, Niels; Petersen, Jens; … - 2026

Book / Working Paper

Monetary policy under Okun's hypothesis

Alves, Felipe; Violante, Giovanni L. - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015617678

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Monetary policy under Okun's hypothesis

Alves, Felipe; Violante, Giovanni L. - 2026 - Last updated: March 2, 2026

Edition: Last updated: March 2, 2026

Book / Working Paper

The perils of narrowing fiscal spaces

Kase, Hanno; Melosi, Leonardo; Rast, Sebastian; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613761

Monetary policy under high uncertainty : the option value of waiting

Wang, Haobin; Allen Ng - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015624533

Revisiting shadow short-term interest rate models : evidence from the ultra-low interest rate environment in Japan

Oi, Hiroyuki; Shiratsuka, Shigenori; Yoneyama, Shunichi - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626416

Inflation vs inclusion : stabilization policy in the wake of the pandemic

Alves, Felipe; Violante, Giovanni L. - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015617679

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Inflation vs inclusion : stabilization policy in the wake of the pandemic

Alves, Felipe; Violante, Giovanni L. - 2026 - Last updated: April 14, 2026

Edition: Last updated: April 14, 2026

Book / Working Paper

On the empirical (ir)relevance of the zero lower bound constraint : the case of fiscal multiplier in Japan

Iiboshi, Hirokuni; Iwata, Yasuharu; Tsuruga, Takayuki - 2026

Japanís prolonged ZLB period alongside substantial debt accumulation makes it a compelling laboratory for testing whether fiscal multipliers differ across normal and ZLB periods. This paper investigates this question using a sign- and zero-restricted TVP-VAR that jointly identifies fiscal rules...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015634030

The anatomy of transmission : pass-through of market rates to bank deposit rates in the euro area

Kakes, Jan; Samarina, Anna - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668636

Bank regulation and post-2008 US monetary policy

Hu, Ruopu; Schabert, Andreas - 2026 - This version: March 19, 2026

Since U.S. bank capital holdings began rising almost concurrently with the monetary policy change after 2008, we examine the role of capital requirements for monetary policy regimes. While standard models predict that equilibrium determination and responses to aggregate shocks are fundamentally...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625616

Estimating nonlinear heterogeneous agent models with neural networks

Kase, Hanno; Melosi, Leonardo; Rottner, Matthias - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015206737

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Estimating nonlinear heterogeneous agent models with neural networks

Kase, Hanno; Melosi, Leonardo; Rottner, Matthias - 2024

Book / Working Paper

Nonlinear estimation of a New Keynesian model with endogenous inflation de-anchoring

Hecker, Dominik; Wolters, Maik H. - 2025

We estimate a New Keynesian model that allows endogenous transitions between a target equilibrium, with inflation fluctuating around the central bank's target and interest rates typically positive, and a low-inflation equilibrium, where the effective lower bound binds and de-anchored...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015548895

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Nonlinear estimation of a New Keynesian model with endogenous inflation de-anchoring

Hecker, Dominik; Wolters, Maik H. - 2025

Book / Working Paper

Asset bubbles and aggregate demand

Hori, Takeo; Im, Ryonghun - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015323636

Negative rates and bank profit and cost efficiency : evidence for Eurozone

Siameti, Panagiota; Chronopoulos, Dimitris K.; Dotsis, … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015323754

Unconventional monetary policies in small open economies

Kolasa, Marcin; Laséen, Stefan; Lindé, Jesper - 2025

This paper provides a comprehensive assessment of the macroeconomic and fiscal impact of unconventional monetary tools in small open economies. Using a DSGE model, we show that the exchange rate plays a critical role to amplify the favourable impact of unconventional monetary policy while it...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015372063

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Unconventional monetary policies in small open economies

Kolasa, Marcin; Laséen, Stefan; Lindé, Jesper - 2025

Book / Working Paper

The impact of negative interest rate policy on interest rate formation and lending

Haba, Shunsuke; Ito, Yuichiro; Kasai, Yoshiyasu - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015330615

Forward guidance and its effectiveness : a macro-finance shadow-rate framework

Koeda, Junko; Wei, Bin - 2025 - This Draft: March 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015333527

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Forward guidance and its effectiveness : a macro finance shadow-rate framework

Koeda, Junko; Wei, Bin - 2023

Book / Working Paper

The zero lower bound on deposit rates, monetary policy and bank insolvency risk

Driussi, Lorenz - 2025 - This version: March, 2025

I develop a banking model with monopolistic competition to analyze the effect of reserve rate policy on bank insolvency risk, when banks are constrained by a zero lower bound on deposit rates. When binding, the lower bound compresses the solvency relevant deposit spread and causes it to be a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015337961

Banking in the negative : a vector error correction analysis of bank-specific lending and deposit rates

Agati, Alessandra; Sigmund, Michael - 2025

We analyze the impact of negative reference rates on the interest rate behavior of more than 500 Austrian banks from 2009Q1 to 2021Q4. Using panel vector error correction analysis with the Engle-Granger procedure in two steps, we establish a cointegration vector that links bank-specific lending...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015339711

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Banking in the negative : a vector error correction analysis of bank-specific lending and deposit rates

Agati, Alessandra; Sigmund, Michael - 2025

Book / Working Paper

Macroeconomic effects of monetary policy in Japan : an analysis using interest rate futures surprises

Kubota, Hiroyuki; Shintani, Mototsugu - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015193877

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Macroeconomic effects of monetary policy in Japan : an analysis using interest rate futures surprises

Kubota, Hiroyuki; Shintani, Mototsugu - 2023

Book / Working Paper

Dynamics of the natural rate of interest and monetary policy

Davtyan, Karen - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015176834

Negative interest rates, bank capital and lending behaviours

Dai, Zixuan; Xu, Lei - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015467670

Labor market dynamics, monetary policy tradeoffs, and a shortfalls approach to pursuing maximum employment

Bundick, Brent; Cairó, Isabel; Petrosky-Nadeau, Nicolas - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015471156

Central bank independence and risk-taking at the zero lower bound

Bartels, Bernhard; Eichengreen, Barry; Schumacher, Julian; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655496

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Central bank independence and risk-taking at the zero lower bound

Bartels, Bernhard; Eichengreen, Barry; Schumacher, Julian; … - 2025

Book / Working Paper

Deflationary equilibrium with uncertainty

Coyle, Philip; Maezono, Naoki; Nakata, Taisuke; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015405139

Macroeconomic effects of CBDC negative interest policy in an open economy : a comparison of quantity and price rules

Hua, Qiuling; Qiu, Zepeng; Jiang, Tingfeng; Tang, Ke - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015456278

Forecasting with shadow rate VARs

Carriero, Andrea; Clark, Todd E.; Marcellino, Massimiliano - 2025

Vector autoregressions (VARs) are popular for forecasting, but ill-suited to handle occasionally binding constraints, like the effective lower bound on nominal interest rates. We examine reduced-form "shadow rate VARs" that model interest rates as censored observations of a latent shadow rate...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015460572

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Forecasting with shadow-rate VARs

Carriero, Andrea; Clark, Todd E.; Marcellino, Massimiliano - 2021

Book / Working Paper

Making a virtue out of necessity : the effect of negative interest rates on bank cost efficiency

Avignone, Giuseppe; Girardone, Claudia; Pancaro, Cosimo; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015572733

The hockey stick Phillips curve and the effective lower bound

Böhl, Gregor; Lieberknecht, Philipp - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015556413

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The hockey stick Phillips curve and the effective lower bound

Böhl, Gregor; Lieberknecht, Philipp - 2021

Book / Working Paper

The Hockey Stick Phillips Curve and the Effective Lower Bound

Böhl, Gregor; Lieberknecht, Philipp - 2022

Book / Working Paper

Optimal monetary policy mix at the zero lower bound

Bonciani, Dario; Oh, Joonseok - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015556417

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Optimal monetary policy mix at the zero lower bound

Bonciani, Dario; Oh, Joonseok - 2021

Book / Working Paper

Optimal Monetary Policy Mix at the Zero Lower Bound

Bonciani, Dario; Oh, Joonseok - 2021

Book / Working Paper

Optimal Monetary Policy Mix at the Zero Lower Bound

Bonciani, Dario; Oh, Joonseok - 2021

Book / Working Paper

Make-up strategies with incomplete markets and bounded rationality

Dobrew, Michael; Gerke, Rafael; Giesen, Sebastian; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015580576

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Make-up strategies with incomplete markets and bounded rationality

Dobrew, Michael; Gerke, Rafael; Giesen, Sebastian; … - 2023

Book / Working Paper

Monetary policy interactions : the policy rate, asset purchases, and optimal policy with an interest rate peg

Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015580692

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Monetary policy interactions : the policy rate, asset purchases and optimal policy with an interest rate peg

Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2024

Book / Working Paper

Monetary policy interactions : the policy rate, asset purchases, and optimal policy with an interest rate peg

Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2023

Book / Working Paper

(Re)evaluating recent macroeconomic policy in the US

Kirsanova, Tatiana; Leith, Campbell B.; Machado, Celsa; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015582957

Negative interest rate policy and bank risk-taking : search for yield or de-leverage?

Tang, Wenjin; Chen, Weichang; Ma, Xiaorui; Fu, Chengbo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015482488

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Negative Interest Rate Policy and Bank Risk-Taking : Search for Yield or De-Leverage?

Tang, Wenjin; Chen, Weichang; Ma, Xiaorui; Fu, Chengbo - 2022

Book / Working Paper

Social learning and monetary policy at the effective lower bound

Arifovic, Jasmina; Grimaud, Alex; Salle, Isabelle; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015396835

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Social learning and monetary policy at the effective lower bound

Arifovic, Jasmina; Grimaud, Alex; Salle, Isabelle; … - 2020 - Last updated: January 27, 2020

Edition: Last updated: January 27, 2020

Book / Working Paper

Social Learning and Monetary Policy at the Effective Lower Bound

Arifovic, Jasmina; Grimaud, Alex; Salle, Isabelle; … - 2021

Book / Working Paper

Dynare replication of "A model of secular stagnation : theory and quantitative evaluation" by Eggertsson et al. (2019)

Crescentini, Alex; Giri, Federico - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015398337

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Dynare Replication of "A Model of Secular Stagnation: Theory and Quantitative Evaluation" by Eggertsson et al. (2019)

Crescentini, Alex; Giri, Federico - 2023

Book / Working Paper

A smooth shadow-rate dynamic Nelson-Siegel model for yields at the zero lower bound

Opschoor, Daan; Wel, Michel van der - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015534138

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A smooth shadow-rate dynamic Nelson-Siegel Model for yields at the zero lower bound

Opschoor, Daan; Wel, Michel van der - 2022

Book / Working Paper

A Smooth Shadow-Rate Dynamic Nelson-Siegel Model for Yields at the Zero Lower Bound

Opschoor, Daan; Wel, Michel van der - 2022

Book / Working Paper

Effects of fiscal policy on employment under the zero lower bound in Japan : an empirical investigation with gender and regional heterogeneity

Miyazaki, Tomomi; Kondoh, Haruo; Guo, Huanhuan; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015558916

Subjective housing price expectations, falling natural rates, and the optimal inflation target

Adam, Klaus; Pfäuti, Oliver; Reinelt, Timo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015560611

Neural network learning for nonlinear economies

Ashwin, Julian; Beaudry, Paul; Ellison, Martin - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015560623

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Neural network learning for nonlinear economies

Ashwin, Julian; Beaudry, Paul; Ellison, Martin - 2024

Book / Working Paper

Neural network learning for nonlinear economies

Ashwin, Julian; Beaudry, Paul; Ellison, Martin - 2024

Book / Working Paper

Negative nominal interest rates and monetary policy

Kim, Duhyeong - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015560959

Simple mandates, monetary rules, and trend-inflation

Deák, Szabolcs; Levine, Paul; Pham, Son T. - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015055119

Old-Keynesianism in the new Keynesian model

Kwaak, Christiaan van der - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015061685

Quantitative easing and the supply of safe assets : evidence from international bond safety premia

Christensen, Jens H. E.; Mirkov, Nikola; Zhang, Xin - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015574533

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Quantitative easing and the supply of safe assets : evidence from international bond safety premia

Christensen, Jens H. E.; Mirkov, Nikola; Zhang, Xin - 2024

Book / Working Paper

Multicountry time-varying Taylor rule : modeling unconventional monetary policies and bond premiums

Morita, Tohru - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014583856

The countercyclical benefits of regulatory costs

Mechanick, Alexander; Weber, Jacob P. - 2024

Legal academics, journalists, and senior executive branch officials alike have assumed that the cost of imposing new regulatory requirements is higher in severe recessions that drive the central bank's policy rate to zero than in other times. This is not correct; the aggregate output costs of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014634827

Assessing the effective lower bound in the context of introducing the digital euro

Pirgmann, Michael; Wawrosz, Petr - 2024

This study investigates the impact of central bank digital currencies (CBDCs) on monetary policy flexibility, the effective lower bound (ELB), and negative interest rate policies (NIRPs), specifically in the case of the digital euro (DE). Through a combination of theoretical modeling and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014636057

Optimal contracts and inflation targets revisited

Persson, Torsten; Tabellini, Guido Enrico - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014536836

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Optimal contracts and inflation targets revisited

Persson, Torsten; Tabellini, Guido Enrico - 2024

Book / Working Paper

Optimal monetary policy with r*<0

Billi, Roberto M.; Galí, Jordi; Nakov, Anton - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015071198

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Optimal monetary policy with r* < 0

Billi, Roberto M.; Galí, Jordi; Nakov, Anton - 2024

Book / Working Paper

Optimal Monetary Policy with r*<0

Billi, Roberto M.; Galí, Jordi; Nakov, Anton - 2023

Book / Working Paper

Optimal monetary policy with r*<0

Billi, Roberto M.; Galí, Jordi; Nakov, Anton - 2023

Book / Working Paper

Optimal monetary policy with r* < 0

Billi, Roberto M.; Galí, Jordi; Nakov, Anton - 2022

Book / Working Paper

Optimal monetary policy with r* < 0

Billi, Roberto M.; Galí, Jordi; Nakov, Anton - 2022

Book / Working Paper

Out of the ELB : expected ECB policy rates and the Taylor rule

Bernardini, Marco; Lin, Alessandro - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015071370

Unconventional monetary policy under review : past, present and future challenges

Holzmann, Robert - 2024

After the global financial crisis and until 2021, the primary objective of central banks in advanced economies was to implement policies aimed at increasing inflation, given that inflation had been too low for too long. Having reached the effective lower bound (ELB) of nominal interest rates,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015080564