Negative Monetary Policy Rates and Portfolio Rebalancing : Evidence from Credit Register Data /
We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks wi...
| Main Author: | |
|---|---|
| Other Authors: | , , |
| Format: | Journal |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2019.
|
| Series: | IMF Working Papers; Working Paper ;
No. 2019/044 |
| Online Access: | Full text available on IMF |