Aaronson, S., Cajner, T., Fallick, B., Galbis‐Reig, F., Smith, C., & Wascher, W. (2014). Labor force participation: Recent developments and future prospects. Brookings Papers on Economic Activity, 2014(2), 197–275.
Acharya, S., Bengui, J., Dogra, K., & Wee, S. L. (2018). Slow recoveries and unemployment traps: Monetary policy in a time of hysteresis [CEPR discussion papers 13409]. Centre for Economic Policy Research.
- Acharya, V. V., Bergant, K., Crosignani, M., Eisert, T., & McCann, F. (2020). The anatomy of the transmission of macroprudential policies [IMF working papers 20/58]. International Monetary Fund.
Paper not yet in RePEc: Add citation now
Acharya, V. V., Crosignani, M., Eisert, T., & Eufinger, C. (2020). Zombie credit and (dis)inflation: Evidence from Europe [NBER working papers 27158]. National Bureau of Economic Research.
Adrian, T., & Liang, N. (2018). Monetary policy, financial conditions, and financial stability. International Journal of Central Banking, 14(1), 73–131.
Adrian, T., & Shin, H. (2010). Financial intermediaries and monetary economics. In Handbook of monetary economics (Vol. 3, pp. 601–650).
- Adrian, T., Etula, E., & Muir, T. (2014). Financial intermediaries and the cross‐section of asset returns. The Journal of Finance, 69(6), 2557–2596.
Paper not yet in RePEc: Add citation now
- Aikman, D., Lehnert, A., Liang, J. N., & Modugno, M. (2016). Financial vulnerabilities, macroeconomic dynamics, and monetary policy. Finance and Economics Discussion Series 2016‐055. Board of Governors of the Federal Reserve System.
Paper not yet in RePEc: Add citation now
- Allen, F., Carletti, E., Qianc, J., & Valenzuela, P. (2013). Financial intermediation, markets, and alternative financial sectors. In Handbook of the economics of finance (Vol. 2, pp. 759–798).
Paper not yet in RePEc: Add citation now
Altavilla, C., Boucinha, M., Peydró, J.‐L., & Beck, T. (2018). Monetary policy and bank profitability in a low interest rate environment. Economic Policy, 33(96), 531–586.
Altavilla, C., Canova, F., & Ciccarelli, M. (2020). Mending the broken link: Heterogeneous bank lending rates and monetary policy pass‐through. Journal of Monetary Economics, 110, 81–98.
- Ammer, J., Claessens, S., Tabova, A. M., & Wroblewski, C. (2018). Searching for yield abroad: Risk‐taking through foreign investment in U.S. bonds. [International finance discussion papers 1224]. Board of Governors of the Federal Reserve System.
Paper not yet in RePEc: Add citation now
Andrews, D., & Petroulakis, F. (2019). Breaking the shackles: Zombie firms, weak banks and depressed restructuring in Europe [Working paper series 2240]. European Central Bank.
Angrick, S., & Nemoto, N. (2017). Central banking below zero: The implementation of negative interest rates in Europe and Japan. Asia Europe Journal, 15(4), 417–443.
- Arce, O., García‐Posada, M., Mayordomo, S., & Ongena, S. (2018). Adapting lending policies when negative interest rates hit banks' profits [Working papers 1832]. Banco de España.
Paper not yet in RePEc: Add citation now
- Arteta, C., Kose, A., Stocker, M., & Taskin, T. (2016). Negative interest rate policies: Sources and implications [Policy research working paper series 7791]. The World Bank.
Paper not yet in RePEc: Add citation now
Auclert, A., & Rognlie, M. (2018). Inequality and aggregate demand [NBER working papers 24280]. National Bureau of Economic Research.
- Ball, L. (2014). Long‐term damage from the great recession in OECD countries. European Journal of Economics and Economic Policies, 11(2), 149–160.
Paper not yet in RePEc: Add citation now
Banerjee, R. N., & Hofmann, B. (2020). Corporate zombies: Anatomy and life cycle [BIS working papers 882]. Bank for International Settlements.
Banerjee, R., & Hofmann, B. (2018). The rise of zombie firms: Causes and consequences. BIS Quarterly Review, Bank for International Settlements.
- Barr, M., Kasman, B., & Mackie, D. (2016). Negative policy rates: The bound is lower than you think [JPM economic research series]. J. P. Morgan.
Paper not yet in RePEc: Add citation now
Barsky, R. B., & Sims, E. R. (2012). Information, animal spirits, and the meaning of innovations in consumer confidence. American Economic Review, 102(4), 1343–1377.
- Basten, C., & Mariathasan, M. (2018). How banks respond to negative interest rates: Evidence from the swiss exemption threshold [CESifo working paper series 6901]. CESifo Group Munich.
Paper not yet in RePEc: Add citation now
- Basten, C., & Mariathasan, M. (2020). Interest rate pass‐through and bank risk‐taking under negative‐rate policies with tiered remuneration of Central Bank Reserves [Swiss Finance Institute Research Paper 20‐98].
Paper not yet in RePEc: Add citation now
Basu, S., & Bundick, B. (2017). Uncertainty shocks in a model of effective demand. Econometrica, 85(3), 937–958.
- BCBS. (2010). An assessment of the long‐term economic impact of stronger capital and liquidity requirements (Report). Bank for International Settlements, Basel Committee on Banking Supervision.
Paper not yet in RePEc: Add citation now
Bech, M., Gambacorta, L., & Kharroubi, E. (2014). Monetary policy in a downturn: Are financial crises special? International Finance, 17(1), 99–119.
Bekaert, G., Hoerova, M. & Lo Duca, M. (2013). Risk, Uncertainty and Monetary Policy. Journal of Monetary Economics, 60(7), 771–788.
Berger, A. N. (1995). The profit‐structure relationship in banking—tests of market‐power and efficient‐structure hypotheses. Journal of Money, Credit and Banking, 27(2), 404–431.
Berger, A. N., Demirgüç‐Kunt, A., Levine, R., & Haubrich, J. G. (2004). Bank concentration and competition: An evolution in the making. Journal of Money, Credit and Banking, 36, 433–451.
- Bernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The financial accelerator in a quantitative business cycle framework. In Handbook of macroeconomics (Vol. 1, pp. 1341–1393).
Paper not yet in RePEc: Add citation now
- Bernardino, G. (2016). Low level of interest rates and their implications for insurers and pension funds. In Proceedings of the Presentation at the European Systemic Risk Board Annual Conference.
Paper not yet in RePEc: Add citation now
- Bian, X., Lin, Z., & Liu, Y. (2018). House price, loan‐to‐value ratio and credit risk. Journal of Banking & Finance, 92, 1–12.
Paper not yet in RePEc: Add citation now
- Biggs, M., & Mayer, T. (2013). Bring credit back into the monetary policy framework. Political Economy of Financial Markets Policy Brief. University of Oxford.
Paper not yet in RePEc: Add citation now
- Bikker, J. A., & Vervliet, T. M. (2018). Bank profitability and risk‐taking under low interest rates. International Journal of Finance & Economics, 23(1), 3–18.
Paper not yet in RePEc: Add citation now
- BIS. (2019). Unconventional monetary policy tools: A cross‐country analysis [CGFS papers 63]. Committee on the Global Financial System, Bank for International Settlements.
Paper not yet in RePEc: Add citation now
Blot, C., & Labondance, F. (2021). Beyond the interest rate pass‐through: Monetary policy and banks interest rates during the effective lower bound [Working papers 2021‐03]. CRESE.
Bluwstein, K., Buckmann, M., Joseph, A., Kang, M., Kapadia, S., & Simsek, Ö. (2020). Credit growth, the yield curve and financial crisis prediction: Evidence from a machine learning approach [Working papers 848]. Bank of England.
Borio, C. (2014). The financial cycle and macroeconomics: What have we learnt? Journal of Banking & Finance, 45, 182–198.
- Borio, C. E., & Drehmann, M. (2009). Assessing the risk of banking crises‐revisited. BIS Quarterly Review. Bank for International Settlements.
Paper not yet in RePEc: Add citation now
Borio, C. E., & Lowe, P. W. (2004). Securing sustainable price stability: Should credit come back from the wilderness? [BIS working papers 157]. Bank for International Settlements.
Borio, C., & Gambacorta, L. (2017). Monetary policy and bank lending in a low interest rate environment: Diminishing effectiveness? Journal of Macroeconomics, 54, 217–231.
- Borio, C., & Zabai, A. (2016). Unconventional monetary policies: A re‐appraisal [BIS working papers 570]. Bank for International Settlements.
Paper not yet in RePEc: Add citation now
- Borio, C., & Zhu, H. (2008). Capital regulation, risk‐taking and monetary policy: A missing link in the transmission mechanism? [BIS working papers 268]. Bank for International Settlements.
Paper not yet in RePEc: Add citation now
- Borio, C., & 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.
Paper not yet in RePEc: Add citation now
Borio, C., Gambacorta, L., & Hofmann, B. (2017). The influence of monetary policy on bank profitability. International Finance, 20(1), 48–63.
- Boucinha, M., & Burlon, L. (2020). Negative rates and the transmission of monetary policy [ECB economic bulletin, issue 3/2020]. European Central Bank.
Paper not yet in RePEc: Add citation now
- Brandão‐Marques, L., Casiraghi, M., Gelos, G., Kamber, G., & Meeks, R. (2021). Negative interest rate policies: A survey [CEPR discussion paper DP16016]. Centre for Economic Policy Research.
Paper not yet in RePEc: Add citation now
Brunnermeier, M. K., & Koby, Y. (2019). The reversal interest rate [IMES discussion paper series 19‐E‐06]. Institute for Monetary and Economic Studies, Bank of Japan.
Bubeck, J., Maddaloni, A., & Peydró, J. L. (2020). Negative monetary policy rates and systemic banks' risk‐taking: Evidence from the euro area securities register. Journal of Money, Credit and Banking, 50(1), 197–231.
Buchak, G., Matvos, G., Piskorski, T., & Seru, A. (2018). Fintech, regulatory arbitrage, and the rise of shadow banks. Journal of Financial Economics, 130(3), 453–483.
Burgess, S., Fernandez‐Corugedo, E., Groth, C., Harrison, R., Monti, F., Theodoridis, K., & Waldron, M. (2013). The bank of England's forecasting platform: COMPASS, MAPS, EASE and the suite of models [Working papers 471]. Bank of England.
Caballero, R. J., Hoshi, T., & Kashyap, A. K. (2008). Zombie lending and depressed restructuring in Japan. American Economic Review, 98(5), 1943–1977.
Carvalho, C., Ferrero, A., & Nechio, F. (2016). Demographics and real interest rates: Inspecting the mechanism. European Economic Review, 88, 208–226.
- CGFS. (2018). Financial stability implications of a prolonged period of low interest rates [CGFS papers 61]. Committee on the Global Financial System, Bank for International Settlements.
Paper not yet in RePEc: Add citation now
Chen, Q., Lombardi, M. J., Ross, A., & Zhu, F. (2017). Global impact of US and euro area unconventional monetary policies: A comparison [BIS working papers 610]. Bank for International Settlements.
Christensen, J. H. E., & Rudebusch, G. D. (2019). A new normal for interest rates? Evidence from inflation‐indexed debt. The Review of Economics and Statistics, 101(5), 933–949.
Chronopoulos, D. K., Liu, H., McMillan, F. J., & Wilson, J. O. (2015). The dynamics of US bank profitability. The European Journal of Finance, 21(5), 426–443.
Chui, M. K., Fender, I., & Sushko, V. (2014). Risks related to EME corporate balance sheets: The role of leverage and currency mismatch. BIS Quarterly Review, Bank for International Settlements.
Ciccarelli, M., Maddaloni, A., & Peydró, J.‐L. (2013). Heterogeneous transmission mechanism: Monetary policy and financial fragility in the eurozone. Economic Policy, 28(75), 459–512.
- Claessens, S., Coleman, N., & Donnelly, M. (2018). “Low‐for‐long” interest rates and banks' interest margins and profitability: Cross‐country evidence. Journal of Financial Intermediation, 35(A), 1–16.
Paper not yet in RePEc: Add citation now
Cont, R. (2017). Central clearing and risk transformation. Financial Stability Review, 21, 127–138.
- Cúrdia, V. (2015). Why so slow? A gradual return for interest rates. [FRBSF economic letter]. Federal Reserve Bank of San Francisco.
Paper not yet in RePEc: Add citation now
- Danmarks Nationalbank. (2019, December 18). Low prevalence of zombie firms in Denmark. Analysis, No. 29. Danmarks Nationalbank. https://www.nationalbanken.dk/en/publications/Pages/2019/12/Low‐prevalence‐of‐zombie‐firms‐in‐Denmark.aspx.
Paper not yet in RePEc: Add citation now
- De Grauwe, P., & Ji, Y. (2016). Synchronisation in business cycles: An endogenous explanation. Blog post, VoxEU. https://voxeu.org/article/synchronisation‐business‐cycles.
Paper not yet in RePEc: Add citation now
Debortoli, D., Galí, J., & Gambetti, L. (2020). On the empirical (ir)relevance of the zero lower bound constraint. NBER Macroeconomics Annual, 34(1), 141–170.
Del Negro, M., Giannone, D., Giannoni, M., & Tambalotti, A. (2017). Safety, liquidity, and the natural rate of interest. Brookings Papers on Economic Activity, 48, 235–316.
Dell'Ariccia, G., Laeven, L., & Marquez, R. (2014). Real interest rates, leverage, and bank risk‐taking. Journal of Economic Theory, 149(C), 65–99.
- Dell'Ariccia, G., Laeven, L., & Suarez, G. A. (2017). Bank leverage and monetary policy's risk‐taking channel: Evidence from the united states. The Journal of Finance, 72(2), 613–654.
Paper not yet in RePEc: Add citation now
- Demiralp, S., Eisenschmidt, J., & Vlassopoulos, T. (2019). Negative interest rates, excess liquidity and retail deposits: Banks' reaction to unconventional monetary policy in the Euro area [Working paper series 2283]. European Central Bank.
Paper not yet in RePEc: Add citation now
- Domanski, D., Gambacorta, L., & Picillo, C. (2015). Central clearing: Trends and current issues. BIS Quarterly Review, Bank for International Settlements.
Paper not yet in RePEc: Add citation now
Drechsler, I., Savov, A., & Schnabl, P. (2018). A model of monetary policy and risk premia. The Journal of Finance, 73(1), 317–373.
Drehmann, M., Borio, C., & Tsatsaronis, K. (2012). Characterising the financial cycle: Don't lose sight of the medium term! [BIS working papers 380]. Bank for International Settlements.
Dynan, K. E., Skinner, J., & Zeldes, S. P. (2004). Do the rich save more? Journal of Political Economy, 112(2), 397–444.
- ECB. (2014). Capturing the financial cycle in euro area countries. Financial Stability Review, 2,109–117.
Paper not yet in RePEc: Add citation now
- ECB. (2021). The ECB's monetary policy strategy statement (Technical Report). European Central Bank. https://www.ecb.europa.eu/home/search/review/html/ecb.strategyreview_monpol_strategy_statement.en.html.
Paper not yet in RePEc: Add citation now
Edwards, S. (2015). Monetary policy independence under flexible exchange rates: An illusion? The World Economy, 38(5), 773–787.
Eggertsson, G., Juelsrud, E., & Wold, E. (2017). Are negative nominal interest rates expansionary? [NBER working papers 24039]. National Bureau of Economic Research.
Escolano, J., Shabunina, A., & Woo, J. (2017). The puzzle of persistently negative interest‐rate growth differentials: Financial repression or income catch‐up? Fiscal Studies, 38, 179–217.
- ESRB. (2016a). Macroprudential policy issues arising from low interest rates and structural changes in the eu financial system. Joint Task Force of ESRB ATC, ESRB ASC and ECB FSC, European Systemic Risk Board.
Paper not yet in RePEc: Add citation now
- ESRB. (2021). Lower for longer–macroprudential policy issues arising from the low interest rate environment. Joint Task Force of ESRB Advisory Technical Committee (ATC), ESRB Advisory Scientific Committee (ASC), and ESCB Financial Stability Committee (FSC), European Systemic Risk Board.
Paper not yet in RePEc: Add citation now
- Falagiarda, M., McQuade, P., & Tirpák, M. (2015). Spillovers from the ECB's nonstandard monetary policies on non‐euro area EU countries: Evidence from an event‐study analysis [Working paper series 1869]. European Central Bank.
Paper not yet in RePEc: Add citation now
- Fernald, J., Wang, B. (2015). The recent rise and fall of rapid productivity growth. FRBSF Economic Letter 9, Federal Reserve Bank of San Francisco.
Paper not yet in RePEc: Add citation now
- Finocchiaro, D., Jonsson, M., Nilsson, C., & Strid, I. (2016). Macroeconomic effects of reducing household debt. Sveriges Riksbank Economic Review, 2, 57–88.
Paper not yet in RePEc: Add citation now
- Fisher, I. (1930). The theory of interest. Macmillan.
Paper not yet in RePEc: Add citation now
Freixas, X., Martin, A., & Skeie, D. (2011). Bank liquidity, interbank markets, and monetary policy. The Review of Financial Studies, 24(8), 2656–2692.
- Gaganis, C., Lozano‐Vivas, A., Papadimitri, P., & Pasiouras, F. (2020). Monetary policy of low interest rates and bank stability: The role of corporate governance. SSRN Electronic Journal. https://ssrn.com/abstract=3513756.
Paper not yet in RePEc: Add citation now
- Gagnon, E., Johannsen, B. K., & Lopez‐Salido, D. (2016). Understanding the new normal: The role of demographics [Finance and economics discussion series 2016‐080]. Board of Governors of the Federal Reserve System.
Paper not yet in RePEc: Add citation now
- Gambacorta, L. (2009). Monetary policy and the risk‐taking channel. BIS Quarterly Review, Bank for International Settlements.
Paper not yet in RePEc: Add citation now
- Gebauer, S., & Mazelis, F. (2020). Macroprudential regulation and leakage to the shadow banking sector [Working paper series 2406]. European Central Bank.
Paper not yet in RePEc: Add citation now
Gertler, M., Karadi, P. (2013). QE 1 vs. 2 vs. 3..: A framework for analyzing large‐scale asset purchases as a monetary policy tool. International Journal of Central Banking, 9(1), 5–53.
Gertler, P., & Hofmann, B. (2018). Monetary facts revisited. Journal of International Money and Finance, 86, 154–170.
Gibson, W. E. (1972). Interest rates and inflationary expectations: New evidence. The American Economic Review, 62(5), 854–865.
Gilbert, R. A. (1984). Bank market structure and competition: A survey. Journal of Money, Credit and Banking, 16(4), 617–645.
Goda, T., Lysandrou, O., & Stewart, C. (2013). The contribution of U.S. bond demand to the U.S. bond yield conundrum of 2004 to 2007: An empirical investigation. Journal of International Financial Markets, Institutions and Money, 27, 113–136.
- Gordon, R. J. (2017). The rise and fall of American growth: The US standard of living since the civil war (Vol. 70). Princeton University Press.
Paper not yet in RePEc: Add citation now
Gray, C. (2013). Responding to a monetary superpower: Investigating the behavioral spillovers of US monetary policy. Atlantic Economic Journal, 41(2), 173–184.
- Grisse, C., Krogstrup, S., & Schumacher, S. (2017). Lower‐bound beliefs and long‐term interest rates. International Journal of Central Banking, 13(3), 165–202.
Paper not yet in RePEc: Add citation now
- Gustafsson, P. H. M., & Lagerwall, B. (2017). How are household cashflows and consumption affected by higher interest rates. Staff memo. Monetary Policy Department, Sweriges Riksbank.
Paper not yet in RePEc: Add citation now
Hamilton, J. D., Harris, E. S., Hatzius, J., & West, K. D. (2016). The equilibrium real funds rate: Past, present, and future. IMF Economic Review, 64(4), 660–707.
- Hanson, S. G., & Stein, J. C. (2015). Monetary policy and long‐term real rates. Journal of Financial Economics, 115(3), 429–448.
Paper not yet in RePEc: Add citation now
Harris, J. (1989). The effect of real rate of interest on housing prices. Journal of Real Estate Finance and Economics, 2(1), 47–60.
- Hatzius, J., Hooper, P., Mishkin, F. S., Schoenholtz, K. L., & Watson, M. W. (2010). Financial conditions indexes: A fresh look after the financial crisis [NBER working papers 16150]. National Bureau of Economic Research.
Paper not yet in RePEc: Add citation now
He, D., & McCauley, R. (2013). Transmitting global liquidity to East Asia: Policy rates, bond yields, currencies and dollar credit [BIS working papers 431]. Bank for International Settlements.
Heider, F., Saidi, F., & Schepens, G. (2019). Life below zero: Bank lending under negative policy rates. The Review of Financial Studies, 32(10), 3728–3761.
- Heider, F., Saidi, F., & Schepens, G. (2021). Banks and negative interest rates [ECB working paper 2549]. European Central Bank.
Paper not yet in RePEc: Add citation now
Hodula, M. (2019). Monetary policy and shadow banking: Trapped between a rock and a hard place [Working papers 5/2019]. Czech National Bank.
Hodula, M., Melecky, A., & Machacek, M. (2020). Off the radar: Factors behind the growth of shadow banking in Europe. Economic Systems, 44(3), 100808.
Hoffmann, P., Langfield, S., Pierobon, F., & Vuillemey, G. (2019). Who bears interest rate risk? The Review of Financial Studies, 32(8), 2921–2954.
- Hofmann, B., & Takáts, E. (2015). International monetary spillovers. BIS Quarterly Review. Bank for International Settlements.
Paper not yet in RePEc: Add citation now
- Hördahl, P., Sobrun, J., & Turner, P. (2016). Low long‐term interest rates as a global phenomenon [BIS working papers 574]. Bank for International Settlements.
Paper not yet in RePEc: Add citation now
Horvath, R., & Voslarova, K. (2017). International spillovers of ECB's unconventional monetary policy: The effect on central Europe. Applied Economics, 49(24), 2352–2364.
- Horvath, R., Kotlebova, J., & Siranova, M. (2018). Interest rate pass‐through in the euro area: Financial fragmentation, balance sheet policies and negative rates. Journal of Financial Stability, 36, 12–21.
Paper not yet in RePEc: Add citation now
- Hui, E., & Yiu, C. (2003). Market dynamics of private residential real estate price—an empirical test in Hong Kong. Journal of Financial Management of Property and Construction, 8(3), 155–165.
Paper not yet in RePEc: Add citation now
Ikeda, D., & Saito, M. (2014). The effects of demographic changes on the real interest rate in Japan. Japan and the World Economy, 32, 37–48.
- Illing, G. (2018). The limits of a negative interest rate policy (NIRP). Credit and Capital Markets, 51(4), 561–586.
Paper not yet in RePEc: Add citation now
Ilut, C., & Schneider, M. (2014). Ambiguous business cycles. American Economic Review, 104(8), 2368–2399.
- IMF. (2017). Negative interest rate policies —initial experiences and assessments [IMF policy papers]. International Monetary Fund.
Paper not yet in RePEc: Add citation now
Ireland, P. N. (2015). Monetary policy, bond risk premia, and the economy. Journal of Monetary Economics, 76, 124–140.
- Jackson, H. (2015). The international experience with negative policy rates [Staff discussion paper 2015‐13]. Bank of Canada.
Paper not yet in RePEc: Add citation now
Jannsen, N., Potjagailo, G., & Wolters, M. H. (2019). Monetary policy during financial crises: Is the transmission mechanism impaired? International Journal of Central Banking, 15(4), 81–126.
- Jiménez, G., Ongena, S., Peydró, J. L., & Saurina, J. (2009). Hazardous times for monetary policy: What do twenty‐three million bank loans say about the effects of monetary policy on credit risk‐taking? [Working papers 0833]. Banco de España.
Paper not yet in RePEc: Add citation now
Jiménez, G., Ongena, S., Peydró, J. L., & 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‐taking? Econometrica, 82(2), 463–505.
Jobst, A., & Lin, H. H. (2016). Negative interest rate policy (NIRP): Implications for monetary transmission and bank profitability in the Euro area [IMF working papers 16/172]. International Monetary Fund.
Jordà, Ò., Schularick, M., & Taylor, A. M. (2013). When credit bites back. Journal of Money, Credit and Banking, 45(2), 3–28.
- Jordà, Ò., Schularick, M., & Taylor, A. M. (2015a). Betting the house. Journal of International Economics, 96(S1), 2–18.
Paper not yet in RePEc: Add citation now
- Jordà, Ò., Schularick, M., & Taylor, A. M. (2015b). Leveraged bubbles. Journal of Monetary Economics, 76(5), 1–20.
Paper not yet in RePEc: Add citation now
Jordà, Ò., Schularick, M., & Taylor, A. M. (2017). Macrofinancial history and the new business cycle facts. Nber macroeconomics annual 2016, National Bureau of Economic Research.
- Juselius, M., Borio, C., Disyatat, P., & Drehmann, M. (2018). Monetary policy, the financial cycle and ultralow interest rates. International Journal of Central Banking, 13(3), 55–89.
Paper not yet in RePEc: Add citation now
Khan, H. H., Ahmad, R. B., & Chan, S. G. (2018). Market structure, bank conduct and bank performance: Evidence from ASEAN. Journal of Policy Modeling, 40(5), 934–958.
Kiyotaki, N., & Moore, J. (2019). Liquidity, business cycles, and monetary policy. Journal of Political Economy, 127(6), 2926–2966.
Kolcunová, D., & Havránek, T. (2018). Estimating the effective lower bound on the Czech national bank's policy rate. Finance a Úvěr, 68(6), 550–577.
- Lane, P. (2020). Monetary policy in a pandemic: Ensuring favourable financing conditions. Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Economics Department and IM‐TCD, Trinity College Dublin, 26.
Paper not yet in RePEc: Add citation now
- Laséen, S., & Strid, I. (2013). Debt dynamics and monetary policy: A note [Working paper series 283]. Sveriges Riksbank.
Paper not yet in RePEc: Add citation now
Laubach, T., & Williams, J. C. (2003). Measuring the natural rate of interest. The Review of Economics and Statistics, 85(4), 1063–1070.
- Le, T. D., & Ngo, T. (2020). The determinants of bank profitability: A cross‐country analysis. Central Bank Review, 20(2), 65–73.
Paper not yet in RePEc: Add citation now
Lombardi, M., Mohanty, M., & Shim, I. (2017). The real effects of household debt in the short and long run [BIS working papers 607]. Bank for International Settlements.
Lopez, J. A., Rose, A. K., & Spiegel, M. M. (2020). Why have negative nominal interest rates had such a small effect on bank performance? cross country evidence. European Economic Review, 124, 103402.
Lubik, T. A., & Schwartzman, F. F. (2020). Public and private debt after the pandemic and policy normalization [Economic brief, EB20‐06]. Federal Reserve Bank of Richmond.
- Lysandrou, P. (2014). The primacy of hedge funds in the subprime crisis. Journal of Post Keynesian Economics, 34(2), 225–253.
Paper not yet in RePEc: Add citation now
Madaschi, C., & Pablos Nuevo, I. (2017). The profitability of banks in a context of negative monetary policy rates: The cases of Sweden and Denmark. [ECB occasional paper, number 195].
- Maddaloni, A., & Peydró, J.‐L. (2011). Bank risk‐taking, securitization, supervision, and low interest rates: Evidence from the euro‐area and the US lending standards. The Review of Financial Studies, 24(6), 2121–2165.
Paper not yet in RePEc: Add citation now
Maddaloni, A., & Peydro, J.‐L. (2013). Monetary policy, macroprudential policy, and banking stability: Evidence from the euro area. International Journal of Central Banking, 9(1), 121–169.
McGowan, M. A., Andrews, D. & Millot, V. (2018). The walking dead? Zombie firms and productivity performance in OECD countries. Economic Policy, 33(96), 685–736.
Mian, A., Sufi, A., & Verner, E. (2017). Household debt and business cycles worldwide. The Quarterly Journal of Economics, 132(4), 1755–1817.
Mirzaei, A., Moore, T., & Liu, G. (2013). Does market structure matter on banks' profitability and stability? Emerging vs. advanced economies. Journal of Banking & Finance, 37(8), 2920–2937.
Mishkin, F. S. (2009). Is monetary policy effective during financial crises? American Economic Review, 99(2), 573–577.
- Miyajima, K., Mohanty, M. S., & Yetman, J. (2014). Spillovers of US unconventional monetary policy to asia: The role of long‐term interest rates [BIS working papers 478]. Bank for International Settlements.
Paper not yet in RePEc: Add citation now
- Molyneux, P., Pancotto, L., Reghezza, A. & d'Acri, C. R. (2020). Interest rate risk and monetary policy normalisation in the euro area. [ECB working papers 2496]. European Central Bank.
Paper not yet in RePEc: Add citation now
Molyneux, P., Reghezza, A., & Xie, R. (2019). Bank margins and profits in a world of negative rates. Journal of Banking and Finance, 107(C), 105613.
- Obstfeld, M. (2015). Trilemmas and trade‐offs: Living with financial globalisation [BIS working papers 480]. Bank for International Settlements.
Paper not yet in RePEc: Add citation now
Oman, W. (2019). The synchronization of business cycles and financial cycles in the euro area. International Journal of Central Banking, 15(1), 327–362.
Ozdagli, A., & Velikov, M. (2020). Show me the money: The monetary policy risk premium. Journal of Financial Economics, 135(2), 320–339.
Palley, T. (2016). Why negative interest rate policy (NIRP) is ineffective and dangerous. Real World Economics Review, 76, 5–15.
Park, K. H., & Weber, W. L. (2006). Profitability of korean banks: Test of market structure versus efficient structure. Journal of Economics and Business, 58(3), 222–239.
- Peshev, P., & Beev, I. (2016). Negative nominal interest rates on loans: The newly‐established normal practice? Economic Alternatives, 2, 149–158.
Paper not yet in RePEc: Add citation now
- Petria, N., Capraru, B., & Ihnatov, I. (2015). Determinants of banks' profitability: Evidence from EU 27 banking systems. Procedia Economics and Finance, 20, 518–524.
Paper not yet in RePEc: Add citation now
- Peydró, J.‐L., Rodriguez‐Tous, F., Tripathy, J., & Uluc, A. (2020). Macroprudential policy, mortgage cycles and distributional effects: Evidence from the UK [Staff working paper 866]. Bank of England.
Paper not yet in RePEc: Add citation now
- Rachel, L., & Smith, T. D. (2018). Are low real interest rates here to stay? International Journal of Central Banking, 13(3), 1–42.
Paper not yet in RePEc: Add citation now
- Rae, R., Barrett, A., Brooks, D., Chotai, M., Pelkiewicz, A., & Wang, C. (2018). A review of solvency II: Has it met its objectives? British Actuarial Journal, 23.
Paper not yet in RePEc: Add citation now
Rajan, R. G. (2006). Has finance made the world riskier? European Financial Management, 12(4), 499–533.
- Randow, J., & Kennedy, S. (2016, September, 17). Negative interest rates. Bloomberg quicktake.
Paper not yet in RePEc: Add citation now
- Rey, H. (2016). Dilemma not trilemma: The global financial cycle and monetary policy independence [NBER working papers 21162]. National Bureau of Economic Research.
Paper not yet in RePEc: Add citation now
- Riksbank. (2018a). Evaluation of the riksbank's forecasts. Riksbank studies. Sveriges Riksbank.
Paper not yet in RePEc: Add citation now
- Riksbank. (2018b). How are household cashflows and consumption affected by rising interest rates? (Monetary Policy Report). Sveriges Riksbank.
Paper not yet in RePEc: Add citation now
Samarina, A., Zhang, L., & Bezemer, D. (2017). Credit cycle coherence in the eurozone: Was there an euro effect? Journal of International Money and Finance, 77, 77–98.
Schivardi, F., Sette, E., & Tabellini, G. (2017). Credit misallocation during the European financial crisis [Bank of Italy Temi di Discussione 1139]. Bank of Italy.
Schularick, M., & Taylor, A. (2012). Credit booms gone bust: Monetary policy, leverage cycles, and financial crises, 1870–2008. American Economic Review, 102(2), 1029–1061.
Schwab, R. (1983). Real and nominal interest rates and the demand for housing. Journal of Urban Economics, 13, 181–195.
Storz, M., Koetter, M., Setzer, R., & Westphal, A. (2017). Do we want these two to tango? On zombie firms and stressed banks in Europe [Working paper series 2104]. European Central Bank.
Stráský, J., & Hwang, H. (2019). Negative interest rates in the euro area: Does it hurt banks? [OECD working papers 1574]. Organisation for Economic Co‐operation and Development.
- Stremmel, H., & Zsámboki, B. (2015). The relationship between structural and cyclical features of the eu financial sector [Working paper series 1812]. European Central Bank.
Paper not yet in RePEc: Add citation now
Summers, L. H. (2014). US economic prospects: Secular stagnation, hysteresis, and the zero lower bound. Business Economics, 49(2), 65–73.
- Takáts, E., & Vela, A. (2014). International monetary policy transmission [BIS papers 78]. Bank for International Settlements.
Paper not yet in RePEc: Add citation now
Tucker, P., Hall, S., & Pattani, A. (2013). Macroprudential policy at the Bank of England. Bank of England Quarterly Bulletin, Q3.
Turner, D., & Spinelli, F. (2012). Interest‐rate‐growth differentials and government debt dynamics. OECD Journal: Economic Studies, 1, 103–122.
Turner, P. (2014). The global long‐term interest rate, financial risks and policy choices in EMEs [BIS working papers 441]. Bank for International Settlements.
Turner, P., & Sobrun, J. (2015). Bond markets and monetary policy dilemmas for the emerging markets [BIS working papers 508]. Bank for International Settlements.
Urbschat, F. (2018). The good, the bad, and the ugly: Impact of negative interest rates and QE on the profitability and risk‐taking of 1600 German banks [CESifo working paper 7358]. CESifo.
- Van Riet, A. (2017). The ECB's fight against low inflation: On the effects of ultra‐low interest rates. International Journal of Financial Studies, 5(2), 12.
Paper not yet in RePEc: Add citation now
- Varghese, R., & Zhang, Y. S. (2018). A new wave of ECB's unconventional monetary policies: Domestic impact and spillovers [IMF working papers 18/11]. International Monetary Fund.
Paper not yet in RePEc: Add citation now
- Vučinić, M. (2016). Importance of macroprudential policy implementation for safeguarding financial stability. Journal of Central Banking Theory and Practice, 5(3), 79–98.
Paper not yet in RePEc: Add citation now
Walentin, K. (2014). Housing collateral and the monetary transmission mechanism. The Scandinavian Journal of Economics, 116(3), 635–668.
Wang, J. C. (2017). Banks' search for yield in the low interest rate environment: A tale of regulatory adaptation [Working papers 17‐3]. Federal Reserve Bank of Boston.
- Witmer, J., & Yang, J. (2015). Estimating Canada's effective lower bound. Bank of Canada Review, Bank of Canada.
Paper not yet in RePEc: Add citation now
- Yim Yiu, C. (2009). Negative real interest rate and housing bubble implosion—an empirical study in Hong Kong. Journal of Financial Management of Property and Construction, 14(3), 257–270.
Paper not yet in RePEc: Add citation now
Yuanita, N. (2019). Competition and bank profitability. Journal of Economic Structures, 8(1), 1–15.