We show that negative policy rates affect the supply of bank credit in a novel way. Banks are
reluctant to pass on negative rates to depositors, which increases the funding cost of high …

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 …

To effectively mitigate climate change, variable renewable electricity (VRE) is expected to
substitute a great share of current fossil-fired electricity generation. However, VRE …

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 …

We quantify the impact of bank market power on monetary policy transmission through
banks to borrowers. We estimate a dynamic banking model in which monetary policy affects …

Abstract After the Great Recession several central banks started setting negative nominal
interest rates in an expansionary attempt, but the effectiveness of this measure remains …

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 …

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a
comprehensive view of the ECB's monetary policy over these two decades. The first section …

We show that negative monetary policy rates induce systemic banks to reach‐for‐yield. For
identification, we exploit the introduction of negative deposit rates by the European Central …

We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and
administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary …