Negative ECB deposit rate had limited effects – Bundesbank paper

The European Central Bank, Frankfurt
Annabel Jeffery

A working paper published by the Deutsche Bundesbank studies the effects of the deposit facility rate on eurozone banks’ portfolio management

In Do conventional monetary policy instruments matter in unconventional times? Manuel Buchholz, Kirsten Schmidt and Lena Tonzer note that the European Central Bank’s deposit facility rate has been negative since June 2014. The aim behind this was to reduce banks’ incentives to hold reserves at the ECB and caused any portfolio reallocation.

The authors

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