Against the background of continued growth disappointments, depressed inflation expectations, and declining real equilibrium interest rates, a number of central banks have implemented negative interest rate policies (NIRP) to provide additional monetary policy stimulus over the past few years. This paper studies the sources and implications of NIRP. It reports four main results. First, monetary transmission channels under NIRP are conceptually analogous...
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INFORMATION
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2016/08/10
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Document de travail de recherche sur les politiques
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WPS7791
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1
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1
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2016/08/10
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Disclosed
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Negative interest rate policies : sources and implications
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monetary policy
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