Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/249164 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 1990
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
Negative interest rates remain a controversial policy for central banks. We study a novel signalling channel and ask under what conditions negative rates should exist in an optimal policymaker's toolkit. We prove two necessary conditions for the optimality of negative rates: a time-consistent policy setting and a preference for policy smoothing. These conditions allow negative rates to signal policy easing, even with deposit rates constrained at zero. In an estimated model, the signalling channel dominates the costly interest margin channel. However, the effectiveness of negative rates depends sensitively on the degree of policy inertia, level of reserves, and ZLB duration.
Schlagwörter: 
Monetary policy
Taylor rule
Forward guidance
Liquidity trap
JEL: 
E44
E52
E61
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
2.38 MB





Publikationen in EconStor sind urheberrechtlich geschützt.