| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14233 |
| DP14233 Expansionary Yet Different: Credit Supply and Real Effects of Negative Interest Rate Policy | |
| Margherita Bottero; Camelia Minoiu; José-Luis Peydró; ANDREA POLO; Enrico Sette | |
| 发表日期 | 2019-12-22 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We show that negative interest rate policy (NIRP) has expansionary effects on bank credit supply—and the real economy—through a portfolio rebalancing channel, and that, by shifting down and flattening the yield curve, NIRP differs from rate cuts just above the zero lower bound. For identification, we exploit ECB’s NIRP and matched administrative datasets—including the credit register—from Italy, severely hit by the Eurozone crisis. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets. NIRP-affected banks rebalance their portfolios from liquid assets to lending, especially to ex-ante riskier and smaller firms—without higher ex-post delinquencies—and cut loan rates (even to the same firm), inducing sizable firm-level real effects. By contrast, there is no evidence of a retail deposits channel associated with NIRP. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Negative interest rates Portfolio rebalancing Bank lending channel of monetary policy Liquidity management Eurozone crisis |
| URL | https://cepr.org/publications/dp14233 |
| 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/543119 |
| 推荐引用方式 GB/T 7714 | Margherita Bottero,Camelia Minoiu,José-Luis Peydró,et al. DP14233 Expansionary Yet Different: Credit Supply and Real Effects of Negative Interest Rate Policy. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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