September 2019 issue contents

Cover and contents

Optimal Negative Interest Rate under Uncertainty
   by Kuk Mo Jung

Exchange Rate Pass-Through: What Has Changed Since the Crisis?
   by Martina Jašová, Richhild Moessner, and Elöd Takáts
   Online appendix

What Drives the Strength of Monetary Policy Transmission?
   by Jakub Matějů

Banks' Wealth, Banks' Creation of Money, and Central Banking
   by Tianxi Wang

Macroeconomic Effects of Banking-Sector Losses across Structural Models
   by Luca Guerrieri, Matteo Iacoviello, Francisco Covas, John C. Driscoll, Mohammad Jahan-Parvar, Michael Kiley, Albert Queralto, and Jae Sim
   Online appendix

Deleveraging and Consumer Credit Supply in the Wake of the 2008-09 Financial Crisis
   by Reint Gropp, John Krainer, and Elizabeth Laderman

What Drives Bank-Intermediated Trade Finance? Evidence from Cross-Country Analysis
   by José María Serena Garralda and Garima Vasishtha

Comparing Fiscal Consolidation Multipliers across Models in Europe
   by Juha Kilponen, Massimiliano Pisani, Sebastian Schmidt, Vesna Corbo, Tibor Hledik, Josef Hollmayr, Samuel Hurtado, Paulo Júlio, Dmitry Kulikov, Matthieu Lemoine, Matija Lozej, Henrik Lundvall, José R. Maria, Brian Micallef, Dimitris Papageorgiou, Jakub Rysanek, Dimitrios Sideris, Carlos Thomas, and Gregory de Walque