assesses the effect of the NIRP on the net interest rate margins of the euro area banks using quarterly consolidated bank level … policy rates. The econometric results confirm the effect of the interest rate level on bank profitability and, in some … specifications, also suggest an additional negative effect on bank profitability in the period of negative euro area short …

variation in the supply of central bank liabilities. In effect, the announcement effect has displaced the liquidity effect as … bank to lend or absorb reserves in response to differences between the policy interest rate and the corresponding target. A …, but not on the current level per se, then the central bank can alter the market-clearing interest rate with no change in …

conditions, any attempt by the European Central Bank to further mitigate the demand-driven inflationary pressures---to maintain …

in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood … by the observation that the money at the core of these systems, central bank money, is injected into the economy on terms …