| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24039 |
| 来源ID | Working Paper 24039 |
| Are Negative Nominal Interest Rates Expansionary? | |
| Gauti B. Eggertsson; Ragnar E. Juelsrud; Ella Getz Wold | |
| 发表日期 | 2017-11-20 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Following the crisis of 2008 several central banks engaged in a radical new policy experiment by setting negative policy rates. Using aggregate and bank-level data, we document a collapse in pass-through to deposit and lending rates once the policy rate turns negative. Motivated by these empirical facts, we construct a macro-model with a banking sector that links together policy rates, deposit rates and lending rates. Once the policy rates turns negative the usual transmission mechanism of monetary policy breaks down. Moreover, because a negative interest rate on reserves reduces bank profits, the total effect on aggregate output can be contractionary. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w24039 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581713 |
| 推荐引用方式 GB/T 7714 | Gauti B. Eggertsson,Ragnar E. Juelsrud,Ella Getz Wold. Are Negative Nominal Interest Rates Expansionary?. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24039.pdf（809KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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