Arbeitspapier
Monetary policy transmission to mortgages in a negative interest rate environment
Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge more on new fixed rate mortgages. This suggests that the funding structure of banks may matter for the transmission of negative policy rates, especially for long-maturity illiquid assets. Nevertheless, the aggregate economic implications for households are small, suggesting that concerns about inefficient monetary policy transmission to households under modestly negative rates are likely overstated.
- ISBN
-
978-92-899-3505-0
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 2243
- Klassifikation
-
Wirtschaft
Money and Interest Rates: General
Monetary Policy
Central Banks and Their Policies
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
monetary policy
negative interest rates
bank lending
mortgages ECB
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Amzallag, Adrien
Calza, Alessandro
Georgarakos, Dimitris
Sousa, João
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2019
- DOI
-
doi:10.2866/91987
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Amzallag, Adrien
- Calza, Alessandro
- Georgarakos, Dimitris
- Sousa, João
- European Central Bank (ECB)
Entstanden
- 2019
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