Arce, Óscar; García-Posada, Miguel; Mayordomo, Sergio; … - 2021 - This draft: February 9, 2021
What is the long-term impact of negative interest rates on bank lending? To answer this question we construct a unique … summary measure of negative rate exposure by individual banks based on exclusive survey data, and couple it with the credit … register of Spain to identify this impact on the supply of credit to firms. We find that only after a few years of negative …