Please use this identifier to cite or link to this item:
https://hdl.handle.net/20.500.14279/13645
Title: | What if they had not Gone Negative? A Counterfactual Assessment of the Impact from Negative Interest Rates | Authors: | Michail, Nektarios A. | Major Field of Science: | Social Sciences | Field Category: | Economics and Business | Keywords: | Estimation technique;Negative interest rates;European economies | Issue Date: | Feb-2019 | Source: | Oxford Bulletin of Economics and Statistics, 2019, vol. 81, no. 1, pp. 1-19 | Volume: | 81 | Issue: | 1 | Start page: | 1 | End page: | 19 | Journal: | Oxford Bulletin of Economics and Statistics | Abstract: | The counterfactual estimation technique of Pesaran and Smith () is employed to provide an assessment of the impact stemming from the implementation of negative interest rates in three European economies (Denmark, Sweden and Switzerland). The analysis indicates that negative interest rates did not have a significant effect on bank lending growth or inflation in any country. This failure to reject the policy ineffectiveness hypothesis most likely lies in the fact that negative interest rates did not ease the situation for the factors restricting the supply of bank lending, namely bank funding costs and Return-on-Equity. | ISSN: | 14680084 | DOI: | 10.1111/obes.12251 | Rights: | © The Department of Economics, University of Oxford and John Wiley & Sons Ltd | Type: | Article | Affiliation : | Central Bank of Cyprus Cyprus University of Technology |
Publication Type: | Peer Reviewed |
Appears in Collections: | Άρθρα/Articles |
CORE Recommender
SCOPUSTM
Citations
11
checked on Nov 6, 2023
WEB OF SCIENCETM
Citations
8
Last Week
0
0
Last month
0
0
checked on Oct 29, 2023
Page view(s)
371
Last Week
0
0
Last month
28
28
checked on Mar 14, 2025
Google ScholarTM
Check
Altmetric
Items in KTISIS are protected by copyright, with all rights reserved, unless otherwise indicated.