G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11433
DP11433 Negative Interest Rate Policies: Sources and Implications
M. Ayhan Kose; Carlos Arteta; Marc Stocker; Temel Taskin
发表日期2016-08-10
出版年2016
语种英语
摘要Against the background of continued growth disappointments, depressed inflation expectations, and declining real equilibrium interest rates, a number of central banks have implemented negative interest rate policies (NIRP) to provide additional monetary policy stimulus over the past few years. This paper studies the sources and implications of NIRP. We report four main results. First, monetary transmission channels under NIRP are conceptually analogous to those under conventional monetary policy but NIRP present complications that could limit policy effectiveness. Second, since the introduction of NIRP, many of the key financial variables have evolved broadly as implied by the standard transmission channels. Third, NIRP could pose risks to financial stability, particularly if policy rates are substantially below zero or if NIRP are employed for a protracted period of time. Potential adverse consequences include the erosion of profitability of banks and other financial intermediaries, and excessive risk taking. However, there has so far been no significant evidence that financial stability has been compromised because of NIRP. Fourth, spillover implications of NIRP for emerging market and developing economies are mostly similar to those of other unconventional monetary policy measures. In sum, NIRP have a place in a policy maker’s toolkit but, given their domestic and global implications, these policies need to be handled with care to secure their benefits while mitigating risks.
主题International Macroeconomics and Finance
关键词Unconventional monetary policy Financial stability Negative yields Event study Emerging markets Developing countries Quantitative easing
URLhttps://cepr.org/publications/dp11433
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/540247
推荐引用方式
GB/T 7714
M. Ayhan Kose,Carlos Arteta,Marc Stocker,et al. DP11433 Negative Interest Rate Policies: Sources and Implications. 2016.
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