| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15367 |
| DP15367 The Reversal Interest Rate: A Critical Review | |
| Rafael Repullo | |
| 发表日期 | 2020-10-14 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper reviews the analysis in Brunnermeier and Koby (2018), showing that lower monetary policy rates can only lead to lower bank lending if there is a binding capital constraint and the bank is a net investor in debt securities, a condition typically satisfied by high deposit banks. It next notes that BK's capital constraint features the future value of the bank's capital, not the current value as in standard regulation. Then, it sets up an alternative model with a standard capital requirement in which profitability matters because bank capital is endogenously provided by shareholders, showing that in this model there is no reversal rate. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Reversal rate Negative interest rates Bank profitability Bank market power Capital requirements |
| URL | https://cepr.org/publications/dp15367 |
| 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/544349 |
| 推荐引用方式 GB/T 7714 | Rafael Repullo. DP15367 The Reversal Interest Rate: A Critical Review. 2020. |
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