Boucinha, Miguel; Burlon, Lorenzo; Corsi, Marco; Della … - 2022
This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a … negative interest rate policy could be mitigated, the two-tier system supported the ECB's forward guidance on key policy rates … portion of banks' excess liquidity (EL) holdings from the negative interest rate of the ECB's deposit facility. The two-tier …