Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/293975 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
ECONtribute Discussion Paper No. 292
Verlag: 
University of Bonn and University of Cologne, Reinhard Selten Institute (RSI), Bonn and Cologne
Zusammenfassung: 
We study the interaction of expansionary rate-based monetary policy and quantitative easing, despite their concurrent implementation, by exploiting heterogeneous banks and the introduction of negative monetary-policy rates in a fragmented euro area. Quantitative easing increases credit supply less, translating into weaker employment growth, when banks' funding costs do not decrease. Using administrative data from Germany, we uncover that among banks selling their securities, central-bank reserves remain disproportionately with high-deposit banks that are constrained due to sticky customer deposits at the zero lower bound. Affected German banks lend relatively less to ffrms while increasing their interbank exposure in the euro area.
Schlagwörter: 
Negative Interest Rates
Quantitative Easing
Unconventional Monetary Policy
Bank Lending Channel
JEL: 
E44
E52
E58
E63
F45
G20
G21
Dokumentart: 
Working Paper

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