See also ECB Research Bulletin No 60. [9] See Brunnermeier, M. and K. Y. Koby (2018), “The Reversal Interest Rate”, NBER Working Paper No 25406, December. [10] See Altavilla, C., L. Burlon, M. Giannetti and S. Holton (2019), “Is there a zero lower bound? The effects of negative policy rates on banks and firms”, ECB Working Paper no.
2289; and Heider, F., Saidi, F. and Schepens, G. (2019), Life below zero: Bank lending under negative policy rates, The Review of Financial Studies, 32, 3728–3761. [11] See Altavilla, C., L. Burlon, M. Giannetti and S. Holton (2019), “Is there a zero lower bound? The effects of negative policy rates on banks and firms”, ECB Working Paper no. 2289.