| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16236 |
| DP16236 The Effectiveness of a Negative Interest Rate Policy | |
| Marco Onofri; Gert Peersman; Frank Smets | |
| 发表日期 | 2021-06-09 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We analyze the effectiveness of a Negative Interest Rate Policy (NIRP) in a quantitative Dynamic Stochastic General Equilibrium model for the euro area with a financial sector. Similarly to other studies in the literature, we show that a NIRP can have a contractionary effect on the economy when there is a zero lower bound on the interest rate of household deposits, and such deposits are the only source of bank funding and household savings. However, we show that the contractionary effects vanish and the NIRP becomes expansionary when we allow for additional assets in the savings portfolio of households, and when we introduce alternative sources of bank funding in the model, such as bank bonds. These two features, which characterize the euro area very well, are hence essential to study the effectiveness of a NIRP. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Negative interest rate policy monetary policy Euro area |
| URL | https://cepr.org/publications/dp16236 |
| 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/545204 |
| 推荐引用方式 GB/T 7714 | Marco Onofri,Gert Peersman,Frank Smets. DP16236 The Effectiveness of a Negative Interest Rate Policy. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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