Umfang:
1 Online-Ressource (circa 60 Seiten)
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ISBN:
9781498300858
Serie:
IMF working paper WP/19, 44
Inhalt:
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 effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit-especially to riskier and smaller firms-and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB
Weitere Ausg.:
Erscheint auch als Druck-Ausgabe Bottero, Margherita Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data Washington, D.C. : International Monetary Fund, 2019 ISBN 9781498300858
Sprache:
Englisch
Schlagwort(e):
Graue Literatur
DOI:
10.5089/9781498300858.001
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