deposits tends to be floored at zero, which limits the transmission of policy rate cuts to bank funding costs. We investigate … and sheds some new light on results that associate NIRP with a contraction in bank loans, albeit in specific market …, pointing to a strong complementarity of NIRP with central bank liquidity injections, e.g. via asset purchases …

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

inflation. Second, conditional on available estimates of the impact of the FED's and the Bank of England's asset purchase …

We analyse the impact of standard and non-standard monetary policy measures on bank profitability. For empirical … identification, the analysis focuses on the euro area, thereby exploiting substantial bank and country heterogeneity within a … monetary union where the central bank has implemented a broad range of unconventional policies, including quantitative easing …

the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that … significant cross-check with monetary information, when the New-Keynesian model is the central bank's preferred model. The cross …-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions …

) announced by the European Central Bank (ECB) in January 2015. The shock associated to the APP is identified with a combination …