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Negative nominal central bank policy rates: where is the lower bound?

Author

Listed:
  • James J. McAndrews

Abstract

Remarks at the University of Wisconsin.

Suggested Citation

  • James J. McAndrews, 2015. "Negative nominal central bank policy rates: where is the lower bound?," Speech 168, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednsp:168
    as

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    File URL: https://www.newyorkfed.org/newsevents/speeches/2015/mca150508.html
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. How low can they go?
      by Stephen G. Cecchetti in Huffington Post Business on 2016-04-04 16:38:55
    2. How Low Can They Go?
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2016-02-29 19:02:33

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Kerstin Bernoth & Alexander Haas, 2018. "Negative Interest Rates and the Signalling Channel: In-Depth Analysis," DIW Berlin: Politikberatung kompakt, DIW Berlin, German Institute for Economic Research, volume 127, number pbk130.
    2. Edward C. Prescott & Ryan Wessel, 2016. "Monetary Policy with 100 Percent Reserve Banking: An Exploration," NBER Working Papers 22431, National Bureau of Economic Research, Inc.
    3. Andreas Jobst & Ms. Huidan Huidan Lin, 2016. "Negative Interest Rate Policy (NIRP): Implications for Monetary Transmission and Bank Profitability in the Euro Area," IMF Working Papers 2016/172, International Monetary Fund.
    4. Aleksander Berentsen & Hugo van Buggenum & Romina Ruprecht, 2020. "On the negatives of negative interest rates and the positives of exemption thresholds," ECON - Working Papers 372, Department of Economics - University of Zurich.
    5. Anna Malinowska, 2016. "The impact of monetary policy and agent heterogeneity on firm financing structure: evidence from the USA," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 46.
    6. Ad Van Riet, 2017. "The ECB’s Fight against Low Inflation: On the Effects of Ultra-Low Interest Rates," IJFS, MDPI, vol. 5(2), pages 1-27, April.
    7. Czudaj, Robert L., 2020. "Is the negative interest rate policy effective?," Journal of Economic Behavior & Organization, Elsevier, vol. 174(C), pages 75-86.
    8. Edward C. Prescott & Ryan Wessel, 2016. "Fiat Value in the Theory of Value," Staff Report 530, Federal Reserve Bank of Minneapolis.
    9. Khayat, Guillaume A., 2018. "The impact of setting negative policy rates on banking flows and exchange rates," Economic Modelling, Elsevier, vol. 68(C), pages 1-10.
    10. Molyneux, Philip & Reghezza, Alessio & Xie, Ru, 2019. "Bank margins and profits in a world of negative rates," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
    11. Guillaume A. Khayat, 2017. "The Corridor's Width as a Monetary Policy Tool," Working Papers halshs-01611650, HAL.
    12. Bank for International Settlements, 2019. "Unconventional monetary policy tools: a cross-country analysis," CGFS Papers, Bank for International Settlements, number 63, december.
    13. Edward C. Prescott & Ryan Wessel, 2018. "Money in the Production Function," Staff Report 562, Federal Reserve Bank of Minneapolis.
    14. Walter Engert & Ben Fung, 2017. "Central Bank Digital Currency: Motivations and Implications," Discussion Papers 17-16, Bank of Canada.
    15. Christian Grisse, 2023. "Lower Bound Uncertainty and Long‐Term Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(2-3), pages 619-634, March.
    16. Anwar Khayat, 2015. "Negative Policy Rates, Banking Flows and Exchange Rates," Working Papers halshs-01203609, HAL.
    17. Seitz, Franz & Krueger, Malte, 2017. "The Blessing of Cash," International Cash Conference 2017 – War on Cash: Is there a Future for Cash? 162911, Deutsche Bundesbank.
    18. Link, Thomas, 2019. "Optimal timing of calling in large-denomination banknotes under natural rate uncertainty," DICE Discussion Papers 327, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    19. Anwar Khayat, 2015. "Negative Policy Rates, Banking Flows and Exchange Rates," AMSE Working Papers 1538, Aix-Marseille School of Economics, France, revised Sep 2015.
    20. Constantina Backinezos & Stelios Panagiotou & Christos Papazoglou, 2020. "The current account adjustment in Greece during the crisis: cyclical or structural?," Economic Bulletin, Bank of Greece, issue 51, pages 1-18, July.
    21. McAndrews, James J., 2020. "The case for cash," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 1(1).
    22. Philip Molyneux & Alessio Reghezza & Ru Xie, 2018. "Bank Profits and Margins in a World of Negative Rates," Working Papers 18001, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    23. Katrin Assenmacher & Signe Krogstrup, 2018. "Monetary Policy with Negative Interest Rates: Decoupling Cash from Electronic Money," IMF Working Papers 2018/191, International Monetary Fund.

    More about this item

    Keywords

    Danmarks Nationalbank (DNB); negative policy rates; quantitative easing; nominal interest rates; real interest rates; Fisher equation; currency; money illusion; negative yields; negative rates; negative interest rates; debt securities;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

    NEP fields

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