「Why Have Negative Nominal Interest Rates Had Such a Small Effect on Bank Performance? Cross Country Evidence」というNBER論文が上がっている(ungated版)。著者はJose A. Lopez(SF連銀)、Andrew K. Rose(UCバークレー)Mark M. Spiegel(SF連銀)。 以下はその要旨。 We examine the effect of negative nominal interest rates on bank profitability and behavior using a cross-country panel of over 5,100 banks in 27 countries. Our data set includes annual