G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15367
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
URLhttps://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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