Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/227872 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Danmarks Nationalbank Working Papers No. 154
Verlag: 
Danmarks Nationalbank, Copenhagen
Zusammenfassung: 
In this paper, we search for evidence of a reversal rate in monetary policy based on a sample of Danish banks. Our findings do not point towards a reversal in the pass-through of changes to the monetary policy rate. While the immediate passthrough to bank lending rates has been lower following the introduction of negative policy rates, the direction has not changed. Moreover, we do not find support for the hypothesis that in a negative rate environment banks with a higher deposit share respond less to cuts in the policy interest rate or experience lower lending growth than other banks. We find that the slowdown in pass-through around the introduction of negative policy rates follows an initial slowdown in the aftermath of the financial crisis. We argue that this may to some extent reflect that banks adjusted their required compensation for risk.
Schlagwörter: 
Negative interest rates
Interest rate pass-through
Monetary policy
Effective lower bound
Bank lending
Credit risk
Financial crisis
JEL: 
E52
E58
G21
Dokumentart: 
Working Paper
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