Arbeitspapier
Banks and negative interest rates
In this paper, we survey the nascent literature on the transmission of negative policy rates. We discuss the theory of how the transmission depends on bank balance sheets, and how this changes once policy rates become negative. We review the growing evidence that negative policy rates are special because the pass-through to banks' retail deposit rates is hindered by a zero lower bound. We summarize existing work on the impact of negative rates on banks' lending and securities portfolios, and the consequences for the real economy. Finally, we discuss the role of different "initial" conditions when the policy rate becomes negative, and potential interactions between negative policy rates and other unconventional monetary policies.
- ISBN
-
978-92-899-4549-3
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 2549
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Monetary Policy
Central Banks and Their Policies
Financial Institutions and Services: General
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
deposits
negative interest rates
zero lower bound
bank lending
bank risktaking
euro-area heterogeneity
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Heider, Florian
Saidi, Farzad
Schepens, Glenn
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2021
- DOI
-
doi:10.2866/660257
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 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
- Heider, Florian
- Saidi, Farzad
- Schepens, Glenn
- European Central Bank (ECB)
Entstanden
- 2021
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