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DTSTART:20251026T030000
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UID:calendar.138765.field_date.0@www.tse-fr.eu
DTSTAMP:20260813T033214Z
CREATED:20251126T091001Z
DESCRIPTION:Silvana Tenreyro (London School of Economics)\, “Negative Rates
  and the Effective Lower Bound: Theory and Evidence”\, Séminaire Banque de
  France\, December 2\, 2025\, 14:00–15:00\, BDF\, Paris\, room Online and 
 room 4GH.\n\nWith the monetary policy lower bound a re-emerging concern in
  some locations\, we present new insights on the impact of negative policy
  rates. We develop a new theoretical model to match the empirical evidence
  on their effects. It features a heterogeneous\, oligopolistic banking sec
 tor where loan pricing is determined in part by the availability of deposi
 t funding and in part by wholesale funding. The use of non-deposit funding
  ensures that the bank lending channel of negative rates remains active. W
 e explore the impact of the policy on different types of bank: high-deposi
 t banks may experience a fall in interest margins and profitability\, whic
 h can result in reduced lending. But this is more than compensated by grea
 ter lending from low-deposit banks. We embed this banking sector in an ope
 n-economy macroeconomic model\, featuring exchange-rate and capital market
  transmission channels\, which continue to work as normal when rates are n
 egative. These non-bank channels\, combined with general equilibrium effec
 ts and an active bank lending channel\, mean that the transmission of nega
 tive rates is only somewhat weaker than conventional policy.
DTSTART;TZID=Europe/Paris:20251202T140000
DTEND;TZID=Europe/Paris:20251202T150000
LAST-MODIFIED:20251127T011001Z
LOCATION:December 2\, 2025\, 14:00–15:00\, BDF\, Paris\, room Online and ro
 om 4GH
SUMMARY:Séminaire Banque de France
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2025-negative-rates-and-effecti
 ve-lower-bound-theory-and-evidence
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