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Does the transmission of monetary policy change when interest rates are low or negative? We shed light on this question by analyzing the international bank lending channels of monetary policy using regulatory data on banks from four small open economies: Canada, Chile, the Czech Republic and Norway
"Does the transmission of monetary policy change when interest rates are low? If so, how? We shed light on these questions by analyzing the cross-border transmission of monetary policy through bank credit channels. Specifically, we ask the following question: how do low and negative policy interest rates in core world economies affect bank lending in four small open economies—specifically, Canada, Chile, the Czech Republic and Norway? We find that when interest rates are high, tightening ofdoi:10.34989/swp-2021-62 fatcat:r7kq4ebuqfeg7kqpoeexc3poya