Monetary Policy Implementation in a Negative Rate Environment
研究了负利率环境下货币政策实施可能遇到的约束，即当目标隔夜利率低于现金收益率时，隔夜利率会等于现金收益率而非目标利率，并提出了调整准备金要求等修改方案来恢复政策有效性。
Abstract To analyze monetary policy implementation in a negative rate environment, we add the option to exchange central bank reserves for cash to the standard workhorse model of monetary policy implementation (Poole 1968). Importantly, we show that monetary policy can be constrained when the target overnight rate is below the yield on cash. At this point, the overnight rate equals the yield on cash instead of the target rate. Modifications to the implementation framework, such as a reserve requirement that varies with cash withdrawals, can help restore the implementation of monetary policy such that the overnight rate equals the target rate.