deposits tends to be floored at zero, which limits the transmission of policy rate cutsto bank funding costs. We investigate … bank loans. Broader coverage of our loan data and the explicit consideration of banks' excess liquidity holdings are the …' excess liquidity holdings for the effectiveness of NIRP, pointing to a strongcomplementarity of NIRP with central bank …

develops a simple analytical framework to study the impact of central bank policy-rate changes on banks' credit supply and risk …-taking incentives. Unobservable expost bank monitoring of loans creates an external-financing constraint, which determines bank leverage …. Unobservable, costly ex-ante screening of borrowers determines the level of bank risk-taking. More risk-taking tightens the …

rates, impact on credit spreads, and substitution between deposits and other bank liabilities. I develop a monetary model …

deposits tends to be floored at zero, which limits the transmission of policy rate cuts to bank funding costs. We investigate … and sheds some new light on results that associate NIRP with a contraction in bank loans, albeit in specific market …, pointing to a strong complementarity of NIRP with central bank liquidity injections, e.g. via asset purchases …