| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14268 |
| DP14268 The Signalling Channel of Negative Interest Rates | |
| Oliver de Groot; Alexander Haas | |
| 发表日期 | 2020-01-03 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Negative interest rates remain a controversial policy for central banks. We study a novel signalling channel and ask under what conditions negative rates should exist in an optimal policymaker’s toolkit. We prove two necessary conditions for the optimality of negative rates: a time-consistent policy setting and a preference for policy smoothing. These conditions allow negative rates to signal policy easing, even with deposit rates constrained at zero. In an estimated model, the signalling channel dominates the costly interest margin channel. However, the effectiveness of negative rates depends sensitively on the degree of policy inertia, level of reserves, and ZLB duration. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | monetary policy Taylor rule Forward guidance Liquidity trap |
| URL | https://cepr.org/publications/dp14268-0 |
| 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/543157 |
| 推荐引用方式 GB/T 7714 | Oliver de Groot,Alexander Haas. DP14268 The Signalling Channel of Negative Interest Rates. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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