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Should they stay or should they go? Negative interest rate policies under review

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  • Joscha Beckmann

    (FernUniversität Hagen und Kiel Institute for the World Economy)

  • Klaus-Jürgen Gern

    (Kiel Institute for the World Economy, Business Cycles and Growth)

  • Nils Jannsen

    (Kiel Institute for the World Economy, Business Cycles and Growth)

Abstract

Negative interest rate policies (NIRP) have become an established monetary policy instrument in the toolkit of the ECB. We discuss NIRP in the euro area based on theoretical considerations and available empirical evidence. We find that NIRP had some positive impact on loan growth and investment in the euro area, but that the room to further loosen monetary policy via NIRP may be small. NIRP is discussed also in the context of the general monetary policy environment.

Suggested Citation

  • Joscha Beckmann & Klaus-Jürgen Gern & Nils Jannsen, 2022. "Should they stay or should they go? Negative interest rate policies under review," International Economics and Economic Policy, Springer, vol. 19(4), pages 885-912, October.
    • Handle: RePEc:kap:iecepo:v:19:y:2022:i:4:d:10.1007_s10368-022-00547-4
    DOI: 10.1007/s10368-022-00547-4
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    2. Constantin Bürgi & Bo Jiang, 2023. "Monetary policy, funding cost and banks’ risk-taking: evidence from the USA," Empirical Economics, Springer, vol. 65(3), pages 1129-1148, September.

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    Keywords

    Negative interest rates; Monetary policy;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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