Since 2012 several central banks have introduced a negative interest rate policy (NIRP) aimed at boosting real spending by facilitating an increase in the supply and demand for bank loans. We employ a bank-level dataset comprising 6558 banks from 33 OECD member countries over 2012–2016 and a matched difference-in-differences estimator to analyze whether NIRP resulted in a change in bank lending in NIRP-adopter countries compared to those that did not adopt the policy. Our results suggest that following the introduction of negative interest rates, bank lending was weaker in NIRP-adopter countries. The result is robust to a wide range of checks. This adverse NIRP effect appears to have been stronger for banks that were smaller, more dependent on retail deposit funding, less well capitalized, had business models reliant on interest income, and operated in more competitive markets.

中文翻译：

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负利率是否改善了银行贷款？

自 2012 年以来，几家中央银行推出了负利率政策 (NIRP)，旨在通过促进银行贷款供求的增加来刺激实际支出。我们采用银行级数据集，其中包括 2012-2016 年 33 个经合组织成员国的 6558 家银行和匹配的差异中的差异估计量，以分析与未采用采取政策。我们的结果表明，在引入负利率之后，采用 NIRP 的国家的银行贷款较弱。结果对广泛的检查是稳健的。对于规模较小、更依赖零售存款资金、资本充足率较低、业务模式依赖于利息收入的银行，这种不利的 NIRP 效应似乎更强，