Banks and Negative Interest Rates

IF 5 3区 经济学 Q1 BUSINESS, FINANCE
Florian Heider,Farzad Saidi,Glenn Schepens
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引用次数: 0

Abstract

In this article, we review the nascent literature on the transmission of negative policy rates. We discuss the theory of how the transmission depends on bank balance sheets, and how this changes once policy rates become negative. We review the growing evidence that negative policy rates are special because the pass-through to banks’ retail deposit rates is hindered by a zero lower bound. We summarize existing research on the impact of negative rates on banks’ lending and securities portfolios as well as their consequences for the real economy. Finally, we discuss the role of different initial conditions when the policy rate becomes negative, and potential interactions between negative policy rates and other unconventional monetary policies.
银行和负利率
在本文中,我们回顾了负政策利率传导的新兴文献。我们讨论了传导如何依赖于银行资产负债表的理论,以及一旦政策利率变为负值,这种情况将如何变化。我们回顾了越来越多的证据,表明负政策利率是特殊的,因为对银行零售存款利率的传导受到了零下限的阻碍。我们总结了关于负利率对银行贷款和证券投资组合的影响以及它们对实体经济的影响的现有研究。最后,我们讨论了政策利率为负时不同初始条件的作用,以及负政策利率与其他非常规货币政策之间的潜在相互作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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CiteScore
5.00
自引率
0.00%
发文量
26
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