Fifth Session: Negative Euro Area Interest Rates and Monetary Policy in the Proximity of the Euro Area
Author:
Guido della Valle 0000000404811396 https://isni.org/isni/0000000404811396 International Monetary Fund

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Language:
English
Keywords:
SEM; interest rate; euro; central bank; rate; bank; interest rate differential; interest rate environment; ECB monetary policy; FX reserve; risk-taking channel; Currencies; Negative interest rates; Financial sector stability; Exchange rates; Central bank policy rate; Global; Europe; Western Europe; Eastern Europe; Baltics; ECB monetary policy implementation framework
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Abstract

After a very interesting first day of the conference, I am honored to start the second day and introduce a panel of highly distinguished central banks’ senior policymakers and economists.

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Cover Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
Author:
International Monetary Fund
ISBN:
9789928445391
Publication Date:
04 May 2017
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9789928445391.072
Pages:
344
Figure 1.

What changes with negative rates?
Figure 2.

Normal spillovers from monetary policy
Figure 3.

Negative euro area rates and effective lower bound (1)
Figure 4.

Negative euro area rates and effective lower bound (2)
Figure 5.

Influence of euro area negative rates on inflation expectations
Figure 6.

Cost of deflation
Figure 7.

Dispersion of forecasts by type of deflation
Figure 8.

Role of financial frictions in “normal” spillovers (1)
Figure 9.

Exchange rate appreciation positive for EME growth
Figure 10.

Negative rates squeeze euro area bank profitability
Figure 11.

Lower risk premia following negative euro area rates
Figure 1.

Rationale of non-conventional policy measures
Figure 2.

Explaining factors of low policy rates
Figure 3.

ECB interest rate corridor and EONIA since 1999
Figure 4.

Unconventional polices: Eurosystem balance sheet since 2007
Figure 5.

Unconventional policies: TLTROs
Figure 6.

Unconventional policies: the ECB’s APP
Figure 7.

German bund 10-year yields and spread of other 10-year government bond yields vis-à-vis German bund
Figure 8.

Effects of APP – CSPP
Figure 9.

Overview of negative interest rate policies
Figure 10.

Pass-through of negative policy rates to money market rates
Figure 11.

Negative interest rates, excess liquidity, and money market activity
Figure 12.

Negative interest rates, banks’ profitability, and pass-through to customers’ deposits
Figure 13.

Negative interest rates and banknotes’ demand
Figure 14.

Negative interest rates and other central bank liabilities towards non-banks
Figure 15.

Monetary policy and effects on banks’ profitability
Figure 16.

Cost of external financing of NFCs and household and loan growth
Figure 1.

CHF real effective exchange rate (CPI-based)
Figure 2.

Nominal exchange rates: CHF per USD and EUR
Figure 3.

Swiss National Bank policy rate
Figure 4.

Interest rate transmission
Figure 5.

Interest rate transmission (2)
Figure 6.

Mortgage rates, Libor swap rates, and mark-up
Figure 7.

CHF 1000 banknotes in circulation
Figure 8.

Government bonds 10 Y
Figure 9.

Inflation
Figure 10.

Conditional inflation forecast
Figure 1.

Context for implementation of FX commitment
Figure 2.

The CNB FX commitment
Figure 3.

Prolongation of FX commitment
Figure 4.

Effects of the exchange rate commitment on Czech economy
Figure 5.

International context – financial markets
Figure 6.

Exit from the FX commitment
Figure 1.

Monetary policy and balance sheet
Figure 2.

Central banks’ balance sheet relative to GDP
Figure 3.

MNB recent monetary policy measures
Figure 4.

MNB base rate and expectations
Figure 5.

Money market yields and the interest rate corridor
Figure 6.

Stock of the main sterilization instruments
Figure 7.

Short-term market yields and the base rate
Figure 8.

Crowding the liquidity out from three-month deposit facility
Figure 9.

Funding for Growth Scheme and corporate credit growth