The effectiveness of a negative interest rate policy
通过欧元区校准的动态随机一般均衡模型发现，当家庭存款利率触及零下限且存款是银行唯一资金来源时，负利率政策会紧缩经济；但引入更多资产和银行债券后，负利率转为扩张性。
In a dynamic stochastic general equilibrium model that is calibrated for the euro area, a negative interest rate policy (NIRP) can have contractionary effects on the economy when interest rates on household deposits reach the zero lower bound, and such deposits are the only source of bank funding and household savings. However, by introducing additional assets to households’ portfolios and alternative sources of bank funding, such as bank bonds, the NIRP becomes expansionary. Because both features characterize the euro area well, they are essential to study the effectiveness of NIRP policies.