Financial cooperatives play an important role in the financial systems of many countries.
They act as a safe haven for deposits and are major sources of credit for households and …

This paper evaluates the literature on international unconventional monetary policies
(UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in …

The reversal interest rate is the rate at which accommodative monetary policy reverses and
becomes contractionary for lending. We theoretically demonstrate its existence in a …

Exploiting confidential data from the euro area, we show that sound banks pass negative
rates on to their corporate depositors and that pass-through is not impaired when policy …

The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look
back on the ECB's record and learn lessons that can improve the conduct of policy in the …

The “reversal interest rate” is the rate at which accommodative monetary policy reverses its
intended effect and becomes contractionary for lending. It occurs when banks' asset …

We explore the impact of negative policy rates on banks using data on 5200 banks from 27
advanced European and Asian countries, 2010–2017. Our cross-country panel specification …

Using a wide range of models we document a protracted fall in the natural (or neutral) rate of
interest in advanced economies, driven by ageing, waning productivity growth, a rise in mark …

Banks have come a long way since medieval times, enduring and surviving many crises.
The economic crisis induced by the Covid-19 pandemic may provoke another financial …

By investigating the influence of negative interest rate policy (NIRP) on bank margins and
profitability, this paper identifies country-and bank-specific characteristics that amplify or …