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Τίτλος: What if they had not Gone Negative? A Counterfactual Assessment of the Impact from Negative Interest Rates
Συγγραφείς: Michail, Nektarios A. 
Major Field of Science: Social Sciences
Field Category: Economics and Business
Λέξεις-κλειδιά: Counterfactual estimation technique;Negative interest rates
Ημερομηνία Έκδοσης: Φεβ-2019
Πηγή: Oxford Bulletin of Economics and Statistics, 2019, vol. 81, no. 1, pp. 1-19
Volume: 81
Issue: 1
Start page: 1
End page: 19
Περιοδικό: Oxford Bulletin of Economics and Statistics 
Περίληψη: The counterfactual estimation technique of Pesaran and Smith (2016) 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.
URI: https://hdl.handle.net/20.500.14279/19039
ISSN: 14680084
DOI: 10.1111/obes.12251
Rights: © Wiley
Attribution-NonCommercial-NoDerivatives 4.0 International
Type: Article
Affiliation: Central Bank of Cyprus 
Cyprus University of Technology 
Εμφανίζεται στις συλλογές:Άρθρα/Articles

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