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Effectiveness of Unconventional Monetary Policies in a Low Interest Rate Environment

Filardo, Andrew J. - 2018

Have unconventional monetary policies (UMPs) become less effective at stimulating economies in persistently low interest rate environments? This paper examines that question with a time-varying parameter VAR for the United States, the United Kingdom, the euro area and Japan. One advantage of our...

Persistent link: https://www.econbiz.de/10012929484

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/10012837536

Monetary Policy and Bank Lending in a Low Interest Rate Environment : Diminishing Effectiveness?

Borio, Claudio E. V. - 2017

This paper analyses the effectiveness of monetary policy on bank lending in a low interest rate environment. Based on a … less effective in stimulating bank lending growth when rates reach a very low level. This result holds after controlling … for business and financial cycle conditions and different bank-specific characteristics such as liquidity, capitalisation …

Persistent link: https://www.econbiz.de/10012962059

Is Monetary Policy Less Effective When Interest Rates are Persistently Low?

Borio, Claudio E. V. - 2017

Is monetary policy less effective in boosting aggregate demand and output during periods of persistently low interest rates? This paper reviews the reasons why this might be the case and the corresponding empirical evidence. Transmission could be weaker for two main reasons: (i) headwinds, which...

Persistent link: https://www.econbiz.de/10012957907

Has the Transmission of Policy Rates to Lending Rates Been Impaired by the Global Financial Crisis?

Gambacorta, Leonardo - 2015

Central banks of major advanced economies have maintained a very accommodative monetary policy stance in the last few years. However, concerns have surfaced that the transmission of low policy rates to lending rates has been weaker than in the past. Has the transmission of policy rates to...

Persistent link: https://www.econbiz.de/10013031305

On the Global Impact of Risk-off Shocks and Policy-put Frameworks

Caballero, Ricardo J. - 2019

Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...

Persistent link: https://www.econbiz.de/10012890990

The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound : A Cross-Country Analysis

Gambacorta, Leonardo - 2014

. It finds that an exogenous increase in central bank balance sheets at the zero lower bound leads to a temporary rise in …

Persistent link: https://www.econbiz.de/10013065515

A Shadow Policy Rate to Calibrate US Monetary Policy at the Zero Lower Bound

Lombardi, Marco J. - 2014

The recent global financial crisis, the Great Recession and the subsequent implementation of a variety of unconventional policy measures have raised the issue of how to correctly measure the stance of monetary policy when policy interest rates reach the zero lower bound (ZLB). In this paper, we...

Persistent link: https://www.econbiz.de/10013052076

The Impact of Unconventional Monetary Policies on Retail Lending and Deposit Rates in the Euro Area

Hofmann, Boris - 2020

This paper investigates the overall effect of the European Central Bank's (ECB's) unconventional monetary policies … (UMPs) implemented since 2008 on euro area bank retail lending and deposit rates offered to households and non …

Persistent link: https://www.econbiz.de/10012837534

Unconventional Monetary Policies : An Appraisal

Borio, Claudio E. V. - 2009

policy, provides a systematic characterisation of the wide range of central bank responses to the crisis, helps to underscore … a number of contentious analytical issues, notably the role of bank reserves and their inflationary consequences …

Persistent link: https://www.econbiz.de/10013153793

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