G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14268
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
URLhttps://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.
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