全球智库信息集成服务系统(G2TT): Negative Interest Rate Policy and the Yield Curve

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w25180
来源ID	Working Paper 25180
	Negative Interest Rate Policy and the Yield Curve
	Jing Cynthia Wu; Fan Dora Xia
发表日期	2018-10-22
出版年	2018
语种	英语
摘要	We evaluate the implications of the ECB's negative interest rate policy (NIRP) on the yield curve. To capture various shapes of the short end of the yield curve induced by the NIRP, we introduce two policy indicators, which summarize the immediate and longer-horizon future monetary policy stances. We find the four NIRP events lowered the short term interest rate by the same amount. The impact is dampened at longer maturities for the first two event dates due to lack of forward guidance. In contrast, in the last two dates, forward guidance drives the largest effects in two years.
主题	Macroeconomics ; Money and Interest Rates ; Monetary Policy
URL	https://www.nber.org/papers/w25180
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/582854
推荐引用方式 GB/T 7714	Jing Cynthia Wu,Fan Dora Xia. Negative Interest Rate Policy and the Yield Curve. 2018.