Bottero, Margherita; Minoiu, Camelia; Peydró, José-Luis; Polo, Andrea, 1983-; Presbitero, Andrea F.; Sette, Enrico
(2019-02-22)
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, ...