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

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 …

Switzerland. For identification, we compare changes in the behavior of banks that had different fractions of their central bank …

interest margin (NIM) and its components, retail lending and retail deposit rates. Using two proprietary bank-level data sets …