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

In June 2014 the ECB became the first major central bank to lower one of its key policy rates to negative territory … by using individual bank data for the euro area to identify possible adjustments by banks triggered by the introduction … of negative interest rates through three channels: government bond holdings, bank lending, and wholesale funding. We find …

This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of … transmission of monetary policy to bank lending rates appears to have become less efficient below zero, particularly in the case of … below zero or held significant amounts of negative interest-bearing central bank deposits. We see a reversal in the pass …

policies of the European Central Bank since the Global Financial Crisis, mainly in their effectiveness towards bank lending …. Using a variable for newly issued credit instead of the outstanding stock of credit, the effects on bank lending are smaller …