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dc.contributor.authorEggertsson, Gauti
dc.contributor.authorSummers, Lawrence H.
dc.contributor.authorJuelsrud, Ragnar Enger
dc.contributor.authorWold, Ella Getz
dc.date.accessioned2024-05-10T10:33:30Z
dc.date.available2024-05-10T10:33:30Z
dc.date.created2023-01-03T14:32:58Z
dc.date.issued2023
dc.identifier.citationReview of Economic Studies. 2023, .en_US
dc.identifier.issn0034-6527
dc.identifier.urihttps://hdl.handle.net/11250/3129902
dc.description.abstractWe investigate the bank lending channel of negative nominal policy rates from an empirical and theoretical perspective. For the empirical results we rely on Swedish data, including daily banklevel lending rates. We find that retail household deposit rates are subject to a lower bound (DLB). Empirically, once the DLB is met, the pass-through to mortgage lending rates and credit volumes is substantially lower and bank equity values decline in response to further policy rate cuts. We construct a banking sector model and use our estimate of the pass-through of negative policy rates to lending rates as an identified moment to parameterize the model and assess the impact of negative policy rates in general equilibrium. Using the theoretical framework, we derive a sufficient statistic for when negative policy rates are expansionary and when they are not.en_US
dc.description.abstractNegative nominal interest rates and the bank lending channelen_US
dc.language.isoengen_US
dc.titleNegative nominal interest rates and the bank lending channelen_US
dc.title.alternativeNegative nominal interest rates and the bank lending channelen_US
dc.typePeer revieweden_US
dc.typeJournal articleen_US
dc.description.versionacceptedVersionen_US
dc.rights.holderThe Authorsen_US
dc.source.pagenumber75en_US
dc.source.journalReview of Economic Studiesen_US
dc.identifier.doi10.1093/restud/rdad085
dc.identifier.cristin2099823
cristin.ispublishedtrue
cristin.fulltextpostprint
cristin.qualitycode2


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