**Table A.2. NIRP announcements: country-specific changes in selected financial variables over one-day window**

||||**1-month**<br>**interbank**|**3-month**<br>**interbank**|**2-year**<br>**government**|<br>**10 year**<br>**governmen**|**t**<br>**10-year**<br>**inflation**|**Nominal**<br>**effective**<br>**exchange**||
|---|---|---|---|---|---|---|---|---|---|
|**Central Bank (policy rate)**|**Date**|**Rate**|**rate**|**rate**|**bond yields**|**bond yields**|**expectatio**|**ns**<br>**rate**|**Equities**|
|**European Central Bank**|June-2014|-0.10|-1.1|-0.9|-8.3|-1.2|1.5|0.5|0.9|
|**_(Overnight deposit facility rate)_**|September-2014|-0.20|-0.2|-0.1|-6.7|-7.3|2.7|-1.6|1.8|
||December-2015|-0.30|-0.7|-0.6|9.2|13.7|-3.3|3.1|-3.6|
||March-2016|-0.40|-0.4|-0.5|-0.3|-6.3|1.3|1.6|-1.5|
||**Total**||**-2.4**|**-2.1**|**-6.2**|**-1.2**|**2.2**|**3.6**|**-2.4**|
||**Average**||**-0.6**|**-0.5**|**-1.5**|**-0.3**|**0.6**|**0.9**|**-0.6**|
||**Median**||**-0.6**|**-0.6**|**-3.5**|**-3.8**|**1.4**|**1.0**|**-0.3**|
|**Sveriges Riksbank**|February-2015|-0.10|-0.5|-0.1|-2.2|-2.8|1.5|-0.7|-0.6|
|**_(One week repo rate)_**|March-2015|-0.25|-0.6|-1.3|-9.6|-16.5|-5.0|-1.2|1.7|
||July-2015|-0.35|-1.2|-0.6|-1.3|6.1|3.0|-0.3|2.2|
||February-2016|-0.50|-0.1|-1.1|-0.3|-1.6|0.0|0.5|2.1|
||**Total**||**-2.4**|**-3.1**|**-13.4**|**-14.8**|**-0.5**|**-1.7**|**5.3**|
||**Average**||**-0.6**|**-0.8**|**-3.4**|**-3.7**|**-0.1**|**-0.4**|**1.3**|
||**Median**||**-0.6**|**-0.9**|**-1.8**|**-2.2**|**0.8**|**-0.5**|**1.9**|
|**Danmarks Nationalbank**|July-2012|-0.20|-0.5|-0.5|-6.1|-7.3|*|0.3|0.5|
|**_(One week certificate of deposit rat_**|**_e)_** September-2014|-0.05|0.3|-0.5|-5.6|1.8|2.0|0.7|0.3|
||January-2015|-0.20|-2.3|-2.0|-9.9|-6.8|-2.0|-0.9|2.0|
||January-2015|-0.35|0.3|0.3|-2.9|-6.7|3.0|1.5|0.2|
||January-2015|-0.50|-0.8|-1.0|-2.3|-1.5|-13.0|0.0|-0.2|
||February-2015|-0.75|-0.5|-0.8|-10.3|-4.3|0.0|-0.7|0.0|
||**Total**||**-3.5**|**-4.5**|**-37.1**|**-24.8**|**-10.0**|**0.9**|**2.8**|
||**Average**||**-0.6**|**-0.8**|**-6.2**|**-4.1**|**-2.0**|**0.1**|**0.5**|
||**Median**||**-0.5**|**-0.6**|**-5.9**|**-5.5**|**0.0**|**0.1**|**0.2**|
|**Swiss National Bank**|December-2014|-0.25|-2.1|-5.0|-7.3|0.0|*|-0.2|2.7|
|**_(Overnight sight deposit rate)_**|January-2015|-0.75|-27.5|-24.4|-26.2|-10.4|*|23.1|-8.7|
||**Total**||**-29.6**|**-29.4**|**-33.5**|**-10.4**|*****|**22.9**|**-6.0**|
||**Average**||**-14.8**|**-14.7**|**-16.8**|**-5.2**|*****|**11.4**|**-3.0**|
||**Median**||**-14.8**|**-14.7**|**-16.8**|**-5.2**|*****|**11.4**|**-3.0**|
|**Bank of Japan**|January-2016|-0.10|-2.7|-3.4|-4.3|-12.7|0.0|-1.9|2.8|
|**_(Current account deposit rate)_**||||||||||

Sources: Bloomberg, Haver Analytics, European Central Bank, Riksbank, Danmarks Nationalbank, Swiss National Bank, Bank of Japan, Central Bank of Hungary, and World Bank.

Notes: “Rate” refers to the main deposit policy rate in most cases, and the main refinancing rate for the Riksbank. Basis points or percent change between closing values on the day before the NIRP announcement and closing values on the day of the announcement. Variable definitions are the same as in Figure 9. The interest rates and inflation expectations are expressed in basis points, while the exchange rate and equities are in percent.

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