countries. This paper develops a two-country New Keynesian model { calibrated to represent a high- and a low-liquidity euro area …. These dampening effects are higher in the high-liquidity country. We find similar results in response to a monetary policy …

reliance on retail deposit funding and the level of excess liquidity holdings may increase banks' responsiveness to NIRP. We … bank loans. Broader coverage of our loan data and the explicit consideration of banks' excess liquidity holdings are the …' excess liquidity holdings for the effectiveness of NIRP, pointing to a strongcomplementarity of NIRP with central bank …

reliance on retail deposit funding and the level of excess liquidity holdings may increase banks’ responsiveness to NIRP. We … segments. We are the first to document the importance of banks’ excess liquidity holdings for the effectiveness of NIRP …, pointing to a strong complementarity of NIRP with central bank liquidity injections, e.g. via asset purchases …

that reliance on retail deposit funding and the level of excess liquidity holdings may increase banks' responsiveness to … coverage of our loan data and the explicit consideration of banks' excess liquidity holdings are likely reasons for this … different result compared to some earlier literature. We are the first to document the importance of banks' excess liquidity …

’ funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis. …

habitat theory. We find that the effectiveness of these policies are similar to other studies in that the liquidity provided … several studies that point toward counter party risk, not lack of liquidity, as the problem in financial markets at the time …

' funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis …

We propose a new framework for monetary policy analysis to study monetary policy normalization when exiting a liquidity … trap. The optimal combination of reserves and interest rate policy requires an increase in liquidity (reserves) a few … tightening starts before the liftoff of the policy rate. Moreover, the withdrawal of liquidity takes place at a very slow pace …