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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP16016 |
DP16016 Negative Interest Rate Policies: A Survey | |
Luis Brandao-Marques; Marco Casiraghi; Gunes Kamber; Roland Meeks | |
发表日期 | 2021-04-08 |
出版年 | 2021 |
语种 | 英语 |
摘要 | This paper surveys studies on the impact of central bank negative interest rate policies (NIRP). It reviews recent research on the effects of NIRP on financial markets, banks, households, firms, and the macroeconomy. Overall, policy rate cuts when interest rates are negative propagate along the yield curve, with the first policy cut below zero contributing significantly to the fall in longer-term yields. Lending and deposit rates also decrease following the adoption of NIRP. Based on the experience so far, bank lending volumes have risen, and bank profits have not significantly deteriorated, although there is considerable heterogeneity in the effects. The impact of NIRP on inflation and output appears to be comparable to that of conventional interest rate cuts. |
主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
关键词 | Negative interest rates monetary policy Bank lending Bank profitability Nonbank financial institutions |
URL | https://cepr.org/publications/dp16016 |
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/544999 |
推荐引用方式 GB/T 7714 | Luis Brandao-Marques,Marco Casiraghi,Gunes Kamber,et al. DP16016 Negative Interest Rate Policies: A Survey. 2021. |
条目包含的文件 | 条目无相关文件。 |
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