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Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area
Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019
Negative monetary policy rates are associated with a particular friction because the remuneration of retail deposits tends to be floored at zero. We investigate whether this friction affects banks’ reactions when the policy rate is lowered to negative levels, compared to a standard rate cut in...
Persistent link: https://www.econbiz.de/10012009191
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Negative interest rates, excess liquidity and bank business models : banks' reaction to unconventional monetary policy in the euro area
Demiralp, Selva; Eisenschmidt, J.; Vlassopoulos, T. - 2017
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 …
Persistent link: https://www.econbiz.de/10011635511
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Crisis management at cross-roads : challenges facing cross-border financial institutions at the EU level : a joint publication with the Centre for European Policy Studies (CEPS)
Ayadi, Rym (ed.); Lierman, Frank (ed.); Balling, Morten (ed.) - Conference "Crisis Management at Cross-Roads" <2009, …; … - 2010
On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.
Persistent link: https://www.econbiz.de/10011706117
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The ECB's price stability framework : past experience, and current and future challenges
2021
"automatic stabilisers" and work alongside the central bank. …
Persistent link: https://www.econbiz.de/10012627164
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The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound : A Cross-Country Analysis
Gambacorta, Leonardo - 2014
. It finds that an exogenous increase in central bank balance sheets at the zero lower bound leads to a temporary rise in …
Persistent link: https://www.econbiz.de/10013065515
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Central Banking Below Zero : The Implementation of Negative Interest Rate Policies in Europe and Japan
Angrick, Stefan - 2018
We provide an overview of the operational implementation of negative interest rates in Europe and Japan, drawing attention to the fact that there is precedent for negative policy rates and negative money market rates. We then address conceptual issues and summarize measures which define negative...
Persistent link: https://www.econbiz.de/10012919871
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Negative Interest Rates, COVID-19, and the Finances of Listed Euro Firms
von Eije, J. Henk - 2021
Negative interest rates are a new phenomenon. Short-term deposit rates of the European Central Banks became negative in 2014 and sovereign debts of highly solvent countries followed. This paper measures the effect of short-term rates on short-term financial variables and of long-term rates on...
Persistent link: https://www.econbiz.de/10013219018
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Negative interest rates, COVID-19, and the finances of listed euro firms
Eije, Johan H. von - In: Central European review of economics and management : CEREM 5 (2021) 4, pp. 117-143
Aim: The paper measures the impact of negative interest rates on listed firms in the original euro zone countries. It also measures the impact of the first COVID-19 year. Design / research methods: The paper uses panel data to measure the influence of the short-term ECB deposit rate and the...
Persistent link: https://www.econbiz.de/10013202353
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Effectiveness of Unconventional Monetary Policies in a Low Interest Rate Environment
Filardo, Andrew J. - 2018
Have unconventional monetary policies (UMPs) become less effective at stimulating economies in persistently low interest rate environments? This paper examines that question with a time-varying parameter VAR for the United States, the United Kingdom, the euro area and Japan. One advantage of our...
Persistent link: https://www.econbiz.de/10012929484
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Mixing QE and Interest Rate Policies at the Effective Lower Bound : Micro Evidence from the Euro Area
Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2022
This paper studies the distinct roles of expansionary rate-based monetary policy and quantitative easing, in spite of their concurrent implementation around the world. We exploit the introduction of negative monetary-policy rates in a fragmented euro area alongside cross-sectional heterogeneity...
Persistent link: https://www.econbiz.de/10013322554