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CBDCs and NIRP : New Tools for Monetary Policy

Berriel, Tiago - 2019

introduced two parallel discussions surrounding the viability of widespread adoption of central bank digital currencies (CBDC … Central Bank an additional tool for monetary policy …

Persistent link: https://www.econbiz.de/10012889308

Estimating the monetary policy interest-rate-to-performance sensitivity of the European banking sector at the zero lower bound

Hayo, Bernd; Henseler, Kai; Rapp, Marc Steffen - 2019 - Version: 23-October-2018

Using an event-study design, we investigate monetary policy interest-rate-to-performance sensitivity of the European banking sector over the 07/2012-06/2017 period when interest rates were (close to) zero. We apply the Wordscores approach to introductory statements of ECB's Governing Council...

Persistent link: https://www.econbiz.de/10011959752

Rate forward guidance in an environment of large central bank balance sheets : a Eurosystem stock-taking assessment

2022

the macroeconomic impact of rate forward guidance (FG) in an environment of large central bank balance sheets. The … bank balance sheets. …

Persistent link: https://www.econbiz.de/10012886554

Central banking below zero : the implementation of negative interest rate policies in Europe and Japan

Angrick, Stefan; Nemoto, Naoko - 2017

This paper provides an overview of the operational implementation of negative interest rates in Europe and Japan. Drawing attention to the fact that there is precedent for negative policy rates and negative money market rates, the paper addresses conceptual issues and summarizes measures which...

Persistent link: https://www.econbiz.de/10011650059

The ECB’s fight against low inflation : on the effects of ultra-low interest rates

Riet, Ad van - In: International Journal of Financial Studies : open … 5 (2017) 2, pp. 1-27

Starting in June 2014, the European Central Bank (ECB) stepped up its monetary accommodation in order to counter a too …

Persistent link: https://www.econbiz.de/10011649375

Banks and negative interest rates

Heider, Florian; Saidi, Farzad; Schepens, Glenn - 2021

how the transmission depends on bank balance sheets, and how this changes once policy rates become negative. We review the …

Persistent link: https://www.econbiz.de/10012518247

Monetary policy and bank equity values in a time of low and negative interest rates

Ampudia, Miguel; Heuvel, Skander van den - 2019

European bank equity values - an effect that is normally positive - has become negative since interest rates in the euro area …

Persistent link: https://www.econbiz.de/10012182094

Did interest rates at the zero lower bound affect lending of commercial banks? : evidence for the euro area

Belke, Ansgar; Dreger, Christian - 2019

The paper examines the bank lending activities of banks in a low interest rate environment. External financing of small …- and medium-sized enterprises in the euro area primarily takes place via bank loans and not through capital markets. Based … on the Bankscope database, bank balance sheet data is utilized. Control variables are included, such as for the system of …

Persistent link: https://www.econbiz.de/10012063954

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

Klein, Melanie - 2020

interest margin (NIM) and its components, retail lending and retail deposit rates. Using two proprietary bank-level data sets …

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

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

Negative monetary policy rates are associated with a particular friction because the remuneration of retail deposits tends to be floored at zero. We investigate whether this friction affects banks’ reactions when the policy rate is lowered to negative levels, compared to a standard rate cut in...

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

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