Is there a zero lower bound? The effects of negative policy rates on banks and firms
利用欧元区机密数据，研究发现稳健银行将负利率传导给企业储户，且传导在负利率下未受损；高流动性企业被收取负利率后投资增加、流动性持有增幅较小，挑战了零下限下货币政策无效的普遍观点。
Exploiting confidential data from the euro area, we show that sound banks pass negative rates on to their corporate depositors and that pass-through is not impaired when policy rates move into negative territory. We do not observe a contraction in deposits, reflecting a general increase in corporate liquidity during the sample period. When their banks charge negative rates on deposits, firms with ex ante high liquidity invest more than comparable firms that are not charged negative rates and increase their liquid holdings less. These results challenge the common view that conventional monetary policy becomes ineffective at the zero lower bound.