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 …

deposits tends to be floored at zero, which limits the typical transmission of policy rate cuts to bank funding costs. We … risk taking by banks under NIRP and contrasts results that associate NIRP with a contraction in bank loans. Broader … holdings for the effectiveness of NIRP, pointing to a strong complementarity of NIRP with central bank liquidity injections, e …

Central Bank's policy-rate cuts in mid-2014. The pass-through of the rate cuts to banks' funding costs differs across the euro … provide a simple model of an augmented bank balance-sheet channel where in addition to costly external financing, there is …

Central Bank's policy-rate cuts in mid-2014. The pass-through of the rate cuts to banks' funding costs differs across the euro … provide a simple model of an augmented bank balance-sheet channel where in addition to costly external financing, there is …

Central Bank’s policy-rate cuts in mid-2014. The pass-through of the rate cuts to banks’ funding costs differs across the euro … provide a simple model of an augmented bank balance-sheet channel where in addition to costly external financing, there is …

hampered the smooth transmission of accommodative monetary policy. Using bank level data from 2007 to 2015, we directly measure … bank in the same month for loans to small and large firms (the "Small Firm Financing Premium", SFFP). We assess the role … played by both bank and macroeconomic factors in explaining the variation in the SFFP across countries and through time. We …