Acharya, V. V. and Merrouche, O. (2012). Precautionary Hoarding of Liquidity and Interbank Markets: Evidence from the Subprime Crisis. Review of Finance, 17(1):107–160.
- Acharya, V. V., Pierret, D., and Steffen, S. (2016). Lender of Last Resort versus Buyer of Last Resort: Evidence from the European Sovereign Debt Crisis. mimeo. New York University.
Paper not yet in RePEc: Add citation now
Acharya, V., Eisert, T., Eufinger, C., and Hirsch, C. (2019). Whatever it Takes: The Real Effects of Unconventional Monetary Policy. Review of Financial Studies, 32(9):3366–3411.
Adrian, T. and Shin, H. S. (2010). Financial Intermediaries and Monetary Economics. In Friedman, B. M. and Woodford, M., editors, Handbook of Monetary Economics, volume 3a, chapter 12, pages 601–650. Elsevier.
Albertazzi, U., Becker, B., and Boucinha, M. (2018). Portfolio rebalancing and the transmission of large-scale asset programmes: evidence from the euro area. Working Paper 2125, European Central Bank.
Allen, F. and Rogoff, K. S. (2011). Asset Prices, Financial Stability and Monetary Policy. In Jansson, P. and Persson, M., editors, The Riksbank’s Inquiry into the Risks in the Swedish Housing Market, pages 189–218. Sveriges Riksbank, Stockholm.
Altavilla, C., Boucinha, M., and Peydró, J.-L. (2018). Monetary policy and bank profitability in a low interest rate environment. Economic Policy, 33(96):531–586.
Altavilla, C., Burlon, L., Giannetti, M., and Holton, S. (2019). Is there a zero lower bound? The effects of negative policy rates on banks and firms. ECB Working Paper 2289, European Central Bank, Frankfurt.
Altavilla, C., Carboni, G., and Motto, R. (2015). Asset purchase programmes and financial markets: lessons from the euro area. Working Paper 1864, European Central Bank.
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4):589–609.
Angelini, P., Nobili, A., and Picillo, C. (2011). The Interbank Market after August 2007: What Has Changed, and Why? Journal of Money, Credit and Banking, 43(5):923–958.
- Arce, O., Garcia-Posada, M., Mayordomo, S., and Ongena, S. (2018). Adapting lending policies when negative interest rates hit banks’ profits. Electronic copy available at: https://ssrn.com/abstract=3161924.
Paper not yet in RePEc: Add citation now
- Arseneau, D. M. (2017). How Would US Banks Fare in a Negative Interest Rate Environment? Finance and Economics Discussion Series 2017-030, Federal Reserve Board.
Paper not yet in RePEc: Add citation now
Arteta, C., Kose, A., Stocker, M., and Taskin, T. (2018). Implications of negative interest rate policies: An early assessment. Pacific Economic Review, 23(1):8–26.
Baldo, L., Hallinger, B., Helmus, C., Herrala, N., Martins, D., Mohing, F., Petroulakis, F., Resinek, M., Vergote, O., Usciati, B., et al. (2017). The distribution of excess liquidity in the euro area. Occasional Paper 200, European Central Bank, Frankfurt.
Basten, C. and Mariathasan, M. (2018). How Banks Respond to Negative Interest Rates: Evidence from the Swiss Exemption Threshold. CESifo Working Paper 6901, CESifo, Munich.
Benetton, M. and Fantino, D. (2018). Competition and The Pass-Through of Unconventional Monetary Policy: Evidence from TLTROs. unpublished working paper.
- Bernanke, B. S. (2016). Modifying the Fed’s policy framework: Does a higher inflation target beat negative interest rates? Brookings.
Paper not yet in RePEc: Add citation now
- Bernanke, B. S. (2017). Monetary Policy in a New Era. Prepared for conference on Rethinking Macroeconomic Policy, Peterson Institute.
Paper not yet in RePEc: Add citation now
- Bhattarai, S. and Neely, C. (2016). A Survey of the Empirical Literature on U.S. Unconventional Monetary Policy. Working Paper 2016-021, Federal Reserve Bank of St. Louis.
Paper not yet in RePEc: Add citation now
Bofondi, M., Carpinelli, L., and Sette, E. (2018). Credit Supply During a Sovereign Debt Crisis. Journal of the European Economic Association, 16(3):696–729.
Borio, C. and Zhu, H. (2012). Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism? Journal of Financial Stability, 8(4):236–251.
Brunnermeier, M. K. and Koby, Y. (2018). The reversal interest rate: An effective lower bound on monetary policy. Mimeo. Princeton University.
- Cœuré, B. (2016). Assessing the implications of negative interest rates. Speech at the Yale Financial Crisis Forum, Yale School of Management, New Haven.
Paper not yet in RePEc: Add citation now
- Cœuré, B. (2017). Dissecting the yield curve: a central bank perspective. Welcome remarks at the annual meeting of the ECB’s Bond Market Contact Group. Frankfurt am Main.
Paper not yet in RePEc: Add citation now
- Chakraborty, I., Goldstein, I., and MacKinlay, A. (2019). Monetary Stimulus and Bank Lending. Journal of Financial Economics, forthcoming.
Paper not yet in RePEc: Add citation now
Chodorow-Reich, G. (2014). Effects of unconventional monetary policy on financial institutions. Brookings Papers on Economic Activity, Spring(1):155–227.
- Christensen, J. H. (2019). Yield Curve Responses to Introducing Negative Policy Rates. FRBSF Economic Letter 27, Federal Reserve Bank of San Francisco, San Francisco.
Paper not yet in RePEc: Add citation now
Cingano, F., Manaresi, F., and Sette, E. (2016). Does Credit Crunch Investments Down? New Evidence on the Real Effects of the Bank-Lending Channel. Review of Financial Studies, 29(10):2737–2773.
Curdia, V. and Woodford, M. (2011). The Central-Bank Balance Sheet as an Instrument of Monetary Policy. Journal of Monetary Economics, 58(1):54–79.
D‘Amico, S. and King, T. B. (2013). Flow and stock effects of large-scale treasury purchases: Evidence on the importance of local supply. Journal of Financial Economics, 108(2):425–448.
De Marco, F. (2019). Bank lending and the european sovereign debt crisis. Journal of Financial and Quantitative Analysis, 54(1):155–182.
- Debortoli, D., GalÃ, J., and Gambetti, L. (2019). On the Empirical (Ir)Relevance of the Zero Lower Bound Constraint. In Eichenbaum, M. S., Hurst, E., and Parker, J. A., editors, NBER Macroeconomics Annual 2019, volume 34. University of Chicago Press.
Paper not yet in RePEc: Add citation now
Dell’Ariccia, G., Laeven, L., and Suarez, G. A. (2017). Bank Leverage and Monetary Policy’s RiskTaking Channel: Evidence from the United States. Journal of Finance, 72(2):613–654.
Dell’Ariccia, G., Rabanal, P., and Sandri, D. (2018). Unconventional Monetary Policies in the Euro Area, Japan, and the United Kingdom. Journal of Economic Perspectives, 32(4):147–172.
Demiralp, S., Eisenschmidt, J., and Vlassopoulos, T. (2019). Negative interest rates, excess liquidity and retail deposits: Banks’ reaction to unconventional monetary policy in the euro area. ECB Working Paper 2283, European Central Bank.
- Draghi, M. (2016). Press conference introductory statement. Introductory statement at ECB Press Conference, Frankfurt am Main, March 10, 2016.
Paper not yet in RePEc: Add citation now
- Draghi, M. (2017). Press conference introductory statement. Introductory statement at ECB Press Conference, Frankfurt am Main, April 27, 2017.
Paper not yet in RePEc: Add citation now
Drechsler, I., Savov, A., and Schnabl, P. (2017). The deposits channel of monetary policy. The Quarterly Journal of Economics, 132(4):1819–1876.
Drechsler, I., Savov, A., and Schnabl, P. (2018). Banking on Deposits: Maturity Transformation without Interest Rate Risk. NBER Working Paper 24582, National Bureau of Economic Research.
- ECB (2016). Financial stability review. Technical report, European Central Bank.
Paper not yet in RePEc: Add citation now
Eggertsson, G. B., Juelsrud, R. E., Summers, L. H., and Wold, E. G. (2019). Negative Nominal Interest Rates and the Bank Lending Channel. NBER Working Paper 25416, National Bureau of Economic Research.
- Eisenschmidt, J. and Smets, F. (2017). Negative interest rates: Lessons from the euro area. unpublished working paper.
Paper not yet in RePEc: Add citation now
- Eser, F., Lemke, W., Nyholm, K., Radde, S., and Vladu, A. L. (2019). Tracing the impact of the ECB’s asset purchase programme on the yield curve. Working Paper Series 2293, European Central Bank.
Paper not yet in RePEc: Add citation now
- Gambetti, L. and Musso, A. (2017). The macroeconomic impact of the ECB’s expanded asset purchase programme (APP). Working Paper 2075, European Central Bank, Frankfurt.
Paper not yet in RePEc: Add citation now
Gertler, M. and Karadi, P. (2011). A Model of Unconventional Monetary Policy. Journal of Monetary Economics, 58(1):17–34.
Grisse, C., Krogstrup, S., and Schumachera, S. (2017). Lower-Bound Beliefs and Long-Term Interest Rates. International Journal of Central Banking, 13(3):165–202.
Heider, F., Saidi, F., and Schepens, G. (2019). Life Below Zero: Bank Lending Under Negative Policy Rates. Review of Financial Studies, 32(10):3728–3761.
Hutchinson, J. and Smets, F. (2017). Monetary Policy in Uncertain Times: ECB Monetary Policy Since June 2014. The Manchester School, 85(52):c1–c15.
Imbens, G. W. and Wooldridge, J. M. (2009). Recent developments in the econometrics of program evaluation. Journal of Economic Literature, 47(1):5–86.
- IMF (2016). Euro Area Policies–Selected Issues. Technical report, International Monetary Fund, Washington DC. IMF Country Report No. 16/220.
Paper not yet in RePEc: Add citation now
- IMF (2017). Negative Interest Rate Policies–Initial Experiences and Assessments. Technical report, International Monetary Fund, Washington DC. IMF Policy Paper.
Paper not yet in RePEc: Add citation now
Iyer, R., Lopes, S., Peydro, J., and Schoar, A. (2014). Interbank liquidity crunch and the firm credit crunch: Evidence from the 2007-2009 crisis. Review of Financial Studies, 27(1):347–372.
Jiménez, G., Mian, A. R., Peydró, J.-L., and Saurina, J. (2019). The Real Effects Of The Bank Lending Channel. Journal of Monetary Economics, Forthcoming.
Jiménez, G., Ongena, S., Peydró, J.-L., and Saurina, J. (2017). Macroprudential Policy, Countercyclical Bank Capital Buffers, and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments. Journal of Political Economy, 125(6):2126–2177.
Jiménez, G., Ongena, S., Peydró, J., and Saurina, J. (2012). Credit supply and monetary policy: Identifying the bank-balance sheet channel with loan applications. American Economic Review, 102(5):2121–2165.
Jiménez, G., Ongena, S., Peydró, J., and Saurina, J. (2014). Hazardous times for monetary policy: What do twenty-three million bank loans say about the effects of monetary policy on credit risk? Econometrica, 2(82):463–505.
Kashyap, A. K. and Stein, J. C. (1995). The impact of monetary policy on bank balance sheets. In Carnegie-Rochester Conference Series on Public Policy, volume 42, pages 151–195. Elsevier.
Kashyap, A. K. and Stein, J. C. (2000). What do a million observations on banks say about the transmission of monetary policy? American Economic Review, pages 407–428.
Khwaja, A. I. and Mian, A. (2008). Tracing the impact of bank liquidity shocks: Evidence from an emerging market. American Economic Review, 98(4):1413–42.
Krishnamurthy, A. and Vissing-Jorgensen, A. (2011). The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy. Brookings Papers on Economic Activity, Fall(2):215–265.
Lemke, W. and Vladu, A. (2017). Below the zero lower bound: A shadow-rate term structure model for the euro area. ECB Working Paper 1991, European Central Bank.
Lopez, J. A., Rose, A. K., and Spiegel, M. M. (2018). Why Have Negative Nominal Interest Rates Had Such a Small Effect on Bank Performance? Cross Country Evidence. Working Paper 2018-07, Federal Reserve Bank of San Francisco.
Madaschi, C. and Pablos Nuevos, I. (2017). The profitability of banks in a context of negative monetary policy rates: The cases of Sweden and Denmark. ECB Occasional Paper 195, European Central Bank.
- Martinez-Miera, D. and Repullo, R. (2017). Search for yield. Econometrica, 85(2):351–378.
Paper not yet in RePEc: Add citation now
McKay, A., Nakamura, E., and Steinsson, J. (2016). The power of forward guidance revisited. The American Economic Review, 106(10):3133–3158.
Nakamura, E. and Steinsson, J. (2018). Identification in macroeconomics. Journal of Economic Perspectives, 32(3):59–86.
Peydró, J.-L., Polo, A., and Sette, E. (2017). Monetary policy at work: Security and credit application registers evidence. mimeo. Universitat Pompeu Fabra.
Rajan, R. G. (2005). Has Financial Development Made the World Riskier? In Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 313–369.
Rodnyansky, A. and Darmouni, O. M. (2017). The Effects of Quantitative Easing on Bank Lending Behavior. The Review of Financial Studies, 30(11):3858–3887.
- Rognlie, M. (2016). What Lower Bound? Monetary Policy with Negative Interest Rates. unpublished working paper.
Paper not yet in RePEc: Add citation now
Rogoff, K. (2017). Dealing with Monetary Paralysis at the Zero Bound. Journal of Economic Perspectives, 31(3):47–66.
Rogoff, K. S. (2016). The Curse of Cash. University Press, Princeton.
- Rostagno, M., Bindseil, U., Kamps, A., Lemke, W., Sugo, A., and Vlassopoulos, T. (2016). Breaking through the zero line: The ECB’s negative interest rate policy. Presentation at Brookings.
Paper not yet in RePEc: Add citation now
Ruge-Murcia, F. J. (2006). The expectations hypothesis of the term structure when interest rates are close to zero. Journal of Monetary Economics, 53(7):1409–1424.
Sette, E. and Gobbi, G. (2015). Relationshio Lending During a Financial Crisis. Journal of the European Economic Association, 13(3):453–481.
Sims, E. and Wu, J. C. (2019). Evaluating Central Banks’ Tool Kit: Past, Present, and Future. NBER Working Paper 26040, National Bureau of Economic Research.
- Stein, J. C. (2013). Overheating in Credit Markets: Origins, Measurement, and Policy Responses. Speech at the “Restoring Household Financial Stability after the Great Recession: Why Household Balance Sheets Matter†research symposium sponsored by the St. Louis Fed.
Paper not yet in RePEc: Add citation now
Swanson, E. T. (2018). The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates. Brookings Papers on Economic Activity, 2018(Fall):555–572.
Taylor, J. B. (2009). Economic Policy and the Financial Crisis: An Empirical Analysis of What Went Wrong. Critical Review, 21(2-3):341–364.
Tischer, J. (2018). Quantitative easing, portfolio rebalancing and credit growth: Micro evidence from Germany. Discussion Paper 20/2018, Deutsche Bundesbank.
- Turk, R. A. (2016). Negative Interest Rates: How Big a Challenge for Large Danish and Swedish Banks? IMF Working Paper 16/198, International Monetary Fund, Washington DC.
Paper not yet in RePEc: Add citation now
Ulate, M. (2019). Going Negative at the Zero Lower Bound: The Effects of Negative Nominal Interest Rates. Working paper, Federal Reserve Bank of San Francisco.
- Upper, C. (2006). Contagion Due to Interbank Credit Exposures: What Do We Know, Why Do We Know It, and What Should We Know? BIS Working Paper.
Paper not yet in RePEc: Add citation now
Wu, J. C. and Xia, F. D. (2018). Negative Interest Rate Policy and Yield Curve. NBER Working Paper 25180, National Bureau of Economic Research.
- Zimmermann, K. (2019). Monetary Policy and Bank Profitability, 1870 – 2015. Available at SSRN: https://ssrn.com/abstract=3322331.
Paper not yet in RePEc: Add citation now