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Abstract This paper provides new empirical evidence that bears on the efficacy of unconventional monetary policies when the main policy rate is negative. When a negative interest rate policy (NIRP) is deployed in concert with rate forward guidance (FG) and quantitative easing (QE), the identification of the impacts of these unconventional instruments of monetary policy is challenging. We propose a novel identification approach that seeks to overcome this challenge by combining a dense, controlled event study with forward curve counterfactuals that we construct using predictive rate densities ...

WRIGHT-PATTERSON AIR FORCE BASE, Ohio (AFRL) – A senior technical advisor with the Air Force Research Laboratory’s Aerospace Systems Directorate inspired her daughter to embark on a military career full of adventure and multicultural experiences.Lisa,

By Rachel Simones, Air Force Research Laboratory / Published May 25, 2021 Lisa Fitzgerald, a senior technical advisor with the Aerospace Systems Directorate, smiles in her work environment, May 7, 2021. Fitzgerald's diverse career experiences inspired her daughter to attend the Air Force Academy and follow in her mother's footsteps by serving in the military. (U.S. Air Force photo/Rachel Simones) '); $slider .carouFredSel({ auto: false, responsive: true, swipe: { onTouch: true, onMouse: fa...

By Rachel Simones, Air Force Research Laboratory / Published May 25, 2021 Lisa Fitzgerald, a senior technical advisor with the Aerospace Systems Directorate, smiles in her work environment, May 7, 2021. Fitzgerald's diverse career experiences inspired her daughter to attend the Air Force Academy and follow in her mother's footsteps by serving in the military. (U.S. Air Force photo/Rachel Simones) '); $slider .carouFredSel({ auto: false, responsive: true, swipe: { onTouch: true, onMouse: fa...

Abstract Do negative policy rates hinder banks’ transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge more on new fixed rate mortgages. This suggests that the funding structure of banks may matter for the transmission of negative policy rates, especially for long-maturity illiquid assets. Nevertheless, the aggregate economic implications for households are small, suggesting that concerns about...