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|z 9781498300858
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|a 1018-5941
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|a Bottero, Margherita.
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|a Negative Monetary Policy Rates and Portfolio Rebalancing :
|b Evidence from Credit Register Data /
|c Margherita Bottero, Camelia Minoiu, Jose-Luis Peydro, Andrea Polo.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
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|a 1 online resource (59 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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 with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit-especially to riskier and smaller firms-and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.
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|a Mode of access: Internet
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|a Minoiu, Camelia.
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|a Peydro, Jose-Luis.
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|a Polo, Andrea.
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|a IMF Working Papers; Working Paper ;
|v No. 2019/044
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2019/044/001.2019.issue-044-en.xml
|z IMF e-Library
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