Expansionary yet different: credit supply and real effects of negative interest rate policy
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- dc.contributor.author Bottero, Margherita
- dc.contributor.author Minoiu, Camelia
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Polo, Andrea
- dc.contributor.author Presbitero, Andrea F.
- dc.contributor.author Sette, Enrico
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:54Z
- dc.date.available 2024-11-14T10:09:54Z
- dc.date.issued 2019-02-22
- dc.date.modified 2024-11-14T10:06:18Z
- dc.description.abstract We show that negative interest rate policy (NIRP) has expansionary effects on bank credit supply and firm outcomes through a portfolio rebalancing channel. For identification, we exploit ECB's NIRP and credit register, firm- and bank-level datasets. NIRP affects relatively more banks with higher ex-ante net interbank positions or more liquid balance sheets. More exposed banks reduce liquid assets, expand credit supply to ex-ante riskier firms, and cut rates, inducing sizable firm-level real effects. By shifting down and flattening the yield curve, NIRP differs from rate cuts just above the zero-lower-bound. We find no evidence of a contractionary retail deposit channel.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1649
- dc.identifier.citation Journal of Financial Economics, 146 (2), Nov. 2022, pp. 754-778, DOI: https://doi.org/10.1016/j.jfineco.2021.11.004
- dc.identifier.uri http://hdl.handle.net/10230/44756
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1649
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword negative interest rates
- dc.subject.keyword portfolio rebalancing
- dc.subject.keyword bank lending channel of monetary policy
- dc.subject.keyword liquidity management
- dc.subject.keyword eurozone crisis.
- dc.subject.keyword Finance and Accounting
- dc.subject.keyword Macroeconomics and International Economics
- dc.subject.keyword Labour, Public, Development and Health Economics
- dc.title Expansionary yet different: credit supply and real effects of negative interest rate policy
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper