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 …

We test for state-dependent bias in the European Central Bank's inflation projections. We show that the ECB tends to …

bank money in digital form that is universally accepted for digital payments across the euro area. A digital euro would … reliance on central bank funding. To this end, it assesses how banks might respond to the introduction of a digital euro while … banks would decline but remain well above regulatory minimums. In addition, the central bank funding ratios of euro area …

This paper discusses the impact that a retail central bank digital currency (CBDC) could have on the implementation of … commercial bank deposits held by customers, which would, in turn, affect central bank reserves. While it is often assumed that … could even increase. If bank deposits do decrease, banks would need to draw on, and therefore reduce, their central bank …

as a store of value and heterogeneous beliefs about bank stability that accounts for this evidence. Only consumers who … are sufficiently pessimistic about bank stability hold cash. The introduction of a central bank digital currency (CBDC) as … a store of value lowers the storage cost of public money and induces partial bank disintermediation, which is …

and the central bank's liquidity support measures following the Covid-19 pandemic. The liquidity measures enabled banks to … bank reserves across banks did not change due to these measures, but interbank trading fell sharply. Ample liquidity …