the macroeconomic impact of rate forward guidance (FG) in an environment of large central bank balance sheets. The … bank balance sheets. …

Starting in June 2014, the European Central Bank (ECB) stepped up its monetary accommodation in order to counter a too …

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

assesses the effect of the NIRP on the net interest rate margins of the euro area banks using quarterly consolidated bank level … policy rates. The econometric results confirm the effect of the interest rate level on bank profitability and, in some … specifications, also suggest an additional negative effect on bank profitability in the period of negative euro area short …

European bank equity values - an effect that is normally positive - has become negative since interest rates in the euro area …

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 …

. It finds that an exogenous increase in central bank balance sheets at the zero lower bound leads to a temporary rise in …