全球智库信息集成服务系统(G2TT): DP14050 Is There a Zero Lower Bound? The Effects of Negative Policy Rates on Banks and Firms

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14050
	DP14050 Is There a Zero Lower Bound? The Effects of Negative Policy Rates on Banks and Firms
	Carlo Altavilla; Lorenzo Burlon; Mariassunta Giannetti; Sarah Holton
发表日期	2019-10-10
出版年	2019
语种	英语
摘要	Exploiting confidential data from the euro area, we show that sound banks pass on negative rates to their corporate depositors without experiencing a contraction in funding and that the degree of pass-through becomes stronger as policy rates move deeper into negative territory. The negative interest rate policy provides stimulus to the economy through firms’ asset rebalancing. Firms with high cash-holdings linked to banks charging negative rates increase their investment and decrease their cash-holdings to avoid the costs associated with negative rates. Overall, our results challenge the common view that conventional monetary policy becomes ineffective at the zero lower bound.
主题	Financial Economics ; Monetary Economics and Fluctuations
关键词	monetary policy Negative rates Lending channel Corporate channel
URL	https://cepr.org/publications/dp14050-0
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/542936
推荐引用方式 GB/T 7714	Carlo Altavilla,Lorenzo Burlon,Mariassunta Giannetti,et al. DP14050 Is There a Zero Lower Bound? The Effects of Negative Policy Rates on Banks and Firms. 2019.