This paper evaluates the literature on international unconventional monetary policies
(UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in …

In this article, we review the nascent literature on the transmission of negative policy rates.
We discuss the theory of how the transmission depends on bank balance sheets, and how …

This paper studies the systemic risk contribution of a set of large publicly traded European
banks. Over a sample covering the last twenty years and three different crises, we find that …

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a
comprehensive view of the ECB's monetary policy over these two decades. The first section …

We show that negative monetary policy rates induce systemic banks to reach‐for‐yield. For
identification, we exploit the introduction of negative deposit rates by the European Central …

We analyze the effect of negative monetary policy rates on banks, using detailed supervisory
information from Switzerland. For identification, we compare changes in the behavior of …

Negative interest rate policy (NIRP) is associated with a particular friction. The remuneration
of banks´ retail deposits tends to be floored at zero, which limits the transmission of policy …

The COVID-19 outbreak has brought unprecedented social attention to economic
uncertainty and negative interest rate policy (NIRP). How does uncertainty affect economic …

Using a panel dataset of 9421 banks from 59 countries over the period 2009–2018 and a
Difference-in-Differences estimator, this paper aims to assess the effects of negative interest …

Monetary policy space remains constrained by the lower bound in many countries, limiting
the policy options available to address future deflationary shocks. The existence of cash …