| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25416 |
| 来源ID | Working Paper 25416 |
| Negative Nominal Interest Rates and the Bank Lending Channel | |
| Gauti B. Eggertsson; Ragnar E. Juelsrud; Lawrence H. Summers; Ella Getz Wold | |
| 发表日期 | 2019-01-07 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We investigate the bank lending channel of negative nominal policy rates from an empirical and theoretical perspective. We find that retail household deposit rates are subject to a lower bound (DLB). Empirically, once the DLB is met, the pass-through to lending rates and credit volumes is substantially lower and bank equity values decline in response to further policy rate cuts. We construct a banking sector model and use our estimate of the pass-through of negative policy rates to lending rates as an identified moment to parameterize the model and assess the impact of negative policy rates in general equilibrium. Using the theoretical framework, we derive a sufficient statistic for when negative policy rates are expansionary and when they are not. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w25416 |
| 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/583090 |
| 推荐引用方式 GB/T 7714 | Gauti B. Eggertsson,Ragnar E. Juelsrud,Lawrence H. Summers,et al. Negative Nominal Interest Rates and the Bank Lending Channel. 2019. |
| 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 | ||
| w25416.pdf（1012KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
