lemke. and vladu ( 2017 ). for an example of a study that uses loan - level data to confirm that nirp works through a portfolio rebalancing channel and also incentives banks to rebalance their portfolios from liquid assets to credit, see bottero, minoiu, peydro, polo, presbitero and sette ( 2019 ). 5 for example, see brunnermeier and koby ( 2018 ). 6 see cœure ( 2019 ). 7 for a more in - depth discussion of those channels and an empirical assessment, see ecb ( 2019b ). 8 see draghi ( 2019 ). 9 for some examples, see the following studies : albertazzi, altavilla, boucinha, and di maggio ( 2018 ) ; altavilla, canova, and ciccarelli ( 2016 ) ; and benetton and fantino ( 2018 ). 18 / 19 bis central bankers'speeches 10 see demiralp, eisenschmidt, and vlassopoulos ( 2019 ). 11 see altavilla, carboni, and motto ( 2015 ). 12 the macroeconomic impact reported in rostagno et al. ( 2019 ) is broadly comparable with that in ecb ( 2019b ) over a comparable period. 13 for more details, see ecb ( 2019a ). 19 / 19 bis central bankers'speeches

required to deliver our mandate. at the same time, an extended phase of below - target inflation poses a communication challenge in maintaining focus on the medium - term inflation goal. it is obvious that it is easier to demonstrate commitment to the target if the actual track record of inflation outcomes corresponds more closely to the declared objective. accordingly, it is essential that a central bank shows consistency in its monetary policy decisions by proactively responding to shocks that might delay convergence to the target or move inflation dynamics in an adverse direction. to this end, especially in a world of non - standard measures and an essential role for forward guidance, it is also vital that a central bank demonstrates that it is always seeking the most effective methods to deliver on its mandate. references albertazzi, ugo ; altavilla, carlo ; boucinha, miguel and di maggio, marco ( 2018 ), “ the incentive channel of monetary policy : quasi - experimental evidence from liquidity operations ”, mimeo, first annual rtf workshop, frankfurt am main. altavilla, carlo ; canova, fabio and ciccarelli, matteo ( 2016 ), “ mending the broken link : heterogeneous bank lending and monetary policy pass - through ”, journal of monetary economics, forthcoming. benetton, matteo and fantino, dadvide ( 2018 ), “ competition and the pass - through of unconventional monetary policy : evidence from tltros ”, banca d ’ italia working paper no 1187. bottero, margherita ; minoiu, cameli ; peydro, jose - louis ;, presbitero, andrea and sette, enrico ( 2019 ), “ negative monetary policy rates and portfolio rebalancing : evidence from credit register data, ” imf working paper wp / 19 / 44. brunnermeier, markus and koby, yann ( 2018 ), “ the reversal interest rate ”, nber working papers 25406, national bureau of economic research. 17 / 19 bis central bankers'speeches cœure, benoit ( 2019 ), “ the effects of app reinvestments on euro area bond markets ”, closing remarks at the ecb ’ s bond market contact group meeting, 12 june 2019. demiralp, selva ; eisenschmidt, jens and vlassopoulos, thomas ( 2019 ), “ negative interest rates, excess liquidity and retail deposits : banks ’ reaction