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World Affairs Online
INTEREST RATE POLICY AND INTEREST RATE CONTROL
In: Economic bulletin, Band 55, Heft 3, S. 208-215
ISSN: 0343-754X
Inflation and Interest Rate Policy
SSRN
Working paper
SSRN
Interest rate policy, taxation and risk
In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 22, Heft 12, S. 1869-1879
Interest rate policy, taxation and risk
In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 22, Heft 12, S. 1869-1879
ISSN: 0305-750X
World Affairs Online
Is the negative interest rate policy effective?
This paper examines the effectiveness of the negative interest rate policy conducted by several central banks to stabilize economic growth and in ation expectations through the signaling channel. In doing so, we assess survey-based expectations data for up to 44 economies from 2002 to 2017 and analyze the impact of the adoption of a negative interest rate policy on expectations made by professionals based on a difference-in-differences approach. Our main findings are as follows: First, we show that the introduction of negative policy rates signi ficantly reduces expectations regarding 3-month money market interest rates and also 10-year government bond yields. Second, we also provide evidence for a significantly positive effect of this unconventional monetary policy tool on GDP growth and in ation expectations. This implies that the negative interest rate policy appears to be effective in boosting economic growth and overcoming a de- ationary spiral. Consequently, the effect of negative nominal interest rates on real interest rate expectations is also negative.
BASE
Elastic Money, Inflation, and Interest Rate Policy
Optimal monetary policy is studied in an environment in which money plays an essential role in facilitating exchange and aggregate shocks affect individual agents asymmetrically. Exchange may be conducted using either bank deposits (inside money) or fiat currency (outside money). A central monetary authority both controls the stock of outside money and pursues an interest rate policy that affects the rate at which private banks create inside money. We find that the optimal monetary policy requires management of both interest rates and the quantity of outside money. By controlling interest rates the monetary authority can affect the price level in the short-run and adjust households' consumption, thus providing insurance against unfavorable aggregate shocks. The feasibility of the interest rate policy requires a minimum rate of trend inflation that may be positive and in principle quite large. The paper thus links two principal components of monetary policy: the optimal interest rate policy and the optimal long-run inflation rate.
BASE
Negative Interest Rate Policy and Yield Curve
In: Chicago Booth Research Paper No. 17-34
SSRN
Working paper
Negative Interest Rate Policy as Conventional Monetary Policy
In: National Institute economic review: journal of the National Institute of Economic and Social Research, Band 234, S. R5-R14
ISSN: 1741-3036
As long as all interest rates move in tandem – including the rate of return on paper currency – economic theory suggests no important difference between interest rate changes in the positive region and interest rate changes in the negative region. Indeed, in standard models, only the real interest rate and spreads between real interest rates matter. Thus, in most respects, negative interest rate policy is conventional. It is only (a) what needs to be done with paper currency, (b) difficulties in understanding negative rates or (c) institutional features interacting with negative rates that make negative interest rate policy unconventional.
On Interest Rate Policy and Asset Bubbles
In: FRB of Chicago Working Paper No. WP-2017-16
SSRN
Working paper
Can money matter for interest rate policy?
In: Journal of economic dynamics & control, Band 30, Heft 12, S. 2823-2857
ISSN: 0165-1889
Investment, interest rate policy, and equilibrium stability
In: Journal of economic dynamics & control, Band 32, Heft 5, S. 1489-1516
ISSN: 0165-1889
Financial Stability and Optimal Interest-Rate Policy
In: FEDS Working Paper No. 2016-067
SSRN
Working paper
Innovations in Interest Rate Policy: Success and Failure
In: Journal of post-Keynesian economics, Band 12, Heft 4, S. 550-560
ISSN: 1557-7821