Negative Interest Rate Policies: A Survey
综述了央行负利率政策对金融市场、银行、家庭、企业和宏观经济的影响，发现负利率降息沿收益率曲线传导，银行信贷量上升且利润未显著恶化，对通胀和产出的影响与传统降息相当。
This article surveys studies on the impact of central bank negative interest rate policies (NIRP). It reviews recent research on the effects of NIRP on financial markets, banks, households, firms, and the macroeconomy. Overall, policy rate cuts when interest rates are negative propagated along the yield curve, with the first policy cut below zero contributing significantly to the fall in longer-term yields. Lending and deposit rates also decreased following the adoption of NIRP. Based on the experience so far, bank lending volumes rose, and bank profits did not significantly deteriorate, although there was considerable heterogeneity in the effects. The impact of NIRP on inflation and output appears to have been comparable to that of conventional interest rate cuts.