Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities to e.g. risk … security registers. In crisis times, with higher ECB liquidity, less capitalized banks react by increasing securities over … credit supply, inducing worse firm-level real effects. However, they buy securities with lower yields and haircuts, thus …

the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for … they do not pass negative rates to retail customers, in turn investing more in securities, especially in those yielding … higher returns. Effects are stronger for less capitalized banks, private sector (financial and non-financial) securities and …

the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for … they do not pass negative rates to retail customers, in turn investing more in securities, especially in those yielding … higher returns. Effects are stronger for less capitalized banks, private sector (financial and non-financial) securities and …

the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for … they do not pass negative rates to retail customers, in turn investing more in securities, especially in those yielding … higher returns. Effects are stronger for less capitalized banks, private‐sector (financial and nonfinancial) securities and …

the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for … they do not pass negative rates to retail customers, in turn investing more in securities, especially in those yielding … higher returns. Effects are stronger for less capitalized banks, private sector (financial and non-financial) securities and …

the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for … they do not pass negative rates to retail customers, in turn investing more in securities, especially in those yielding … higher returns. Effects are stronger for less capitalized banks, private sector (financial and non-financial) securities and …