The Reversal Interest Rate
逆转利率是指宽松货币政策从刺激转为抑制贷款的那个利率水平。本文通过一个包含不完全竞争银行和金融摩擦的宏观经济模型，从理论上证明了逆转利率的存在，并用校准的新凯恩斯模型量化了其重要性。
The reversal interest rate is the rate at which accommodative monetary policy reverses and becomes contractionary for lending. We theoretically demonstrate its existence in a macroeconomic model featuring imperfectly competitive banks that face financial frictions. When interest rates are cut too low, further monetary stimulus cuts into banks’ profit margins, depressing their net worth and curtailing their credit supply. Similarly, when interest rates are low for too long, the persistent drag on bank profitability eventually outweighs banks’ initial capital gains, also stifling credit supply. We quantify the importance of this mechanism within a calibrated New Keynesian model.