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Risks and the influence of negative interest rates on economic activity: a case study of Sweden, Denmark, and Switzerland [PDF]
Banks and Bank Systems, 2020 The purpose of this paper is to analyze the impact of negative interest rates on economic activity in a selected group of countries, in particular Sweden, Denmark, and Switzerland, for the period 2009–2018. The central banks of these countries were among
Liběna Černohorská, Darina Kubicová
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On the normality of negative interest rates [PDF]
Review of Keynesian Economics, 2019 We argue that a negative interest-rate policy (NIRP) can be an effective tool for macroeconomic stabilization. We first discuss how implementing negative rates on reserves held at a central bank does not pose any theoretical difficulty, with a reduction in rates operating in exactly the same way when rates are positive or negative, and show that this ...
Grasselli, Matheus R., Lipton, Alexander
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The Monetary Policy Transmission Mechanism In Indonesia: a Comparative Analysis
Jurnal Ekonomi dan Studi Pembangunan, 2023 This study analyses a comparison of the role monetary policy transmission mechanism between the interest rate channel and the exchange rate channel in Indonesia for the 2011-2020 period.
Elisa Elisa +2 more
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The ECB’s Fight against Low Inflation: On the Effects of Ultra-Low Interest Rates §
International Journal of Financial Studies, 2017 Starting in June 2014, the European Central Bank (ECB) stepped up its monetary accommodation in order to counter a too prolonged period of low inflation in the euro area.
Ad van Riet
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The Signalling Channel of Negative Interest Rates [PDF]
SSRN Electronic Journal, 2019 Negative interest rates are a new (and controversial) monetary policy tool. This paper studies a novel signalling channel and asks whether negative rates can be 1) an effective and 2) an optimal policy tool. 1) We build a financial-friction new- Keynesian model in which monetary policy can set a negative reserve rate, but deposit rates are constrained ...
Oliver de Groot, Alexander Haas
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Some Observations of Bank Interest Rates and The Impact of Negative Interest Rates
Finance, Accounting and Business Analysis, 2020 Objective: The purpose of the paper is to investigate the impact of the negative interest rate policy of the central banks on bank interest rates tracing the trendlines of interest rates of deposits and loans in short and midterm in Bulgaria and Germany.
Diyana Miteva
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Negative interest rates, excess reserves and tiering of the ECB: How heavily are banks burdened?
Wirtschaftsdienst, 2020 The European Central Bank (ECB) reduced its deposit rate into negative territory in June 2014. It has been reduced further in several steps to reach today’s level of −0.5%.
Jens Klose
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Financial repression policy: Latin America and Spain’s lessons for Russia
Ибероамериканские тетради, 2018 Global financial crisis that in 2008 struck the economy and revealed many structural problems for the first time after the Great Recession had developed countries with high debt level at its core.
Farid Akhmed Abu Bakr
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Seven Issues Facing Central Banks Today [PDF]
Financial and Economic ReviewThe central bank is a fiscal and financial agent of the government, its beneficial owner. Their accounts should be consolidated and there should be no private ownership of central bank equity. Central banks should have a symmetric profit and loss-sharing
Willem H. Buiter
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Uncertain growth and the value of the future [PDF]
, 2013 For environmental problems such as global warming future costs must be balanced against present costs. This is traditionally done using an exponential function with a constant discount rate, which reduces the present value of future costs.
Farmer, J. Doyne +4 more
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