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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
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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 Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2016-02-29 19:02:33
    2. How low can they go?
      by Stephen G. Cecchetti in Huffington Post Business on 2016-04-04 16:38:55

    Citations

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    Cited by:

    1. Link, Thomas, 2019. "Optimal timing of calling in large-denomination banknotes under natural rate uncertainty," DICE Discussion Papers 327, University of Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    2. 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, May.
    3. 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.
    4. Andreas Jobst & Huidan Huidan Lin, 2016. "Negative Interest Rate Policy (NIRP); Implications for Monetary Transmission and Bank Profitability in the Euro Area," IMF Working Papers 16/172, International Monetary Fund.
    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. Anwar Khayat, 2015. "Negative Policy Rates, Banking Flows and Exchange Rates," AMSE Working Papers 1538, Aix-Marseille School of Economics, France, revised Sep 2015.
    7. Ad Van Riet, 2017. "The ECB’s Fight against Low Inflation: On the Effects of Ultra-Low Interest Rates," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 5(2), pages 1-27, April.
    8. Edward C. Prescott & Ryan Wessel, . "Fiat Value in the Theory of Value," Staff Report, 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 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, June.
    13. Edward C. Prescott & Ryan Wessel, . "Money in the Production Function," Staff Report, Federal Reserve Bank of Minneapolis.
    14. 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).
    15. Walter Engert & Ben Fung, 2017. "Central Bank Digital Currency: Motivations and Implications," Discussion Papers 17-16, Bank of Canada.
    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.

    More about this item

    Keywords

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

    JEL classification:

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

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