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

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 t...

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Autores principales: Beckmann, Joscha, Gern, Klaus-Jürgen, Jannsen, Nils
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer Berlin Heidelberg 2022
Materias:
Original Paper
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9435422/
http://dx.doi.org/10.1007/s10368-022-00547-4
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author Beckmann, Joscha
Gern, Klaus-Jürgen
Jannsen, Nils
author_facet Beckmann, Joscha
Gern, Klaus-Jürgen
Jannsen, Nils
author_sort Beckmann, Joscha
collection PubMed
description 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.
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spelling pubmed-94354222022-09-01 Should they stay or should they go? Negative interest rate policies under review Beckmann, Joscha Gern, Klaus-Jürgen Jannsen, Nils Int Econ Econ Policy Original Paper 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. Springer Berlin Heidelberg 2022-09-01 2022 /pmc/articles/PMC9435422/ http://dx.doi.org/10.1007/s10368-022-00547-4 Text en © The Author(s) 2022 https://creativecommons.org/licenses/by/4.0/Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Original Paper
Beckmann, Joscha
Gern, Klaus-Jürgen
Jannsen, Nils
Should they stay or should they go? Negative interest rate policies under review
title Should they stay or should they go? Negative interest rate policies under review
title_full Should they stay or should they go? Negative interest rate policies under review
title_fullStr Should they stay or should they go? Negative interest rate policies under review
title_full_unstemmed Should they stay or should they go? Negative interest rate policies under review
title_short Should they stay or should they go? Negative interest rate policies under review
title_sort should they stay or should they go? negative interest rate policies under review
topic Original Paper
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9435422/
http://dx.doi.org/10.1007/s10368-022-00547-4
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