Kwan, Simon H.; Ulate, Mauricio; Voutilainen, Ville - 2023
of this instrument. The pass-through of negative policy rates to loan rates is one of the main points of contention. In … this paper, we analyze the pass-through of the ECB's changes in the deposit facility rate to mortgage rates in Finland …-frequency identification, and exposure-measure regressions. We provide robust evidence that there continues to be pass-through of a cut in the …