Does the lending channel of monetary policy operate under a negative interest rate policy (NIRP)? The purpose of this study is to shed light on the existence of a lending channel of monetary policy under NIRP. To do so, we aim to provide an in-depth analysis of the relationship between NIRP and...

Faced with a potential zero lower bound on deposit interest rates, how do banks pass onthe fall in net interest income due to negative interest rates? This paper aims to investigatethe different channels of banks’ responses to negative interest rates using a detailedbreakdown of the profit and...

Using the Difference-in-Differences method and data from 5115 banks located in 74 countries over 2009-2018, we investigate the effects of negative interest rate policy (NIRP) on customer deposit rate. Our results suggest that banks affected by NIRP reduced their customer deposit rate. We also...