Monetary Policy with Negative Interest Rates: De-linking Cash from Digital Money
本文探讨了通过将现金与数字货币脱钩来实现现金负收益的可行性，从而消除名义利率零下限对货币政策的约束，并讨论了央行如何设计和运行这一系统。
Monetary policy space remains constrained by the lower bound on nominal interest rates in many countries, limiting the policy options available to address future deflationary shocks. The existence of cash prevents central banks from cutting interest rates much below zero. In this paper, we consider the practical feasibility of recent proposals for de-linking cash from digital money to achieve a negative yield on cash which would remove the lower bound constraint on monetary policy. We discuss how central banks could design and operate such a system, and highlight some issues that require further research.