Discover and read the best of Twitter Threads about #repullo

Most recents (1)

Today I gave a speech on the @ecb’s negative interest rate policy (NIRP) at the @EEANews Annual Congress in a panel with @helene_rey, Tobias #Adrian & Rafael #Repullo. In the speech, I could draw on fantastic ECB research, featuring @AngelaMaddaloni , @fheider & many others. 1/6
The NIRP helped to shift the perceived lower bound on interest rates into negative territory, supported by forward guidance that left the door open for further rate cuts. The zero lower bound was transformed into an effective lower bound below zero. 2/6
NIRP contributed to shifting € area sovereign yields down across the maturity spectrum. Due to a “hot potato effect”, NIRP compresses the term premium, reinforces the effects of asset purchases & supports bank lending. All these effects have improved monetary transmission. 3/6
Read 6 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!