Negative Interest Rate Policies: A Survey

Author:

Brandão-Marques Luis1,Casiraghi Marco2,Gelos Gaston34,Kamber Güneş1,Meeks Roland1

Affiliation:

1. 1International Monetary Fund, Washington, DC, USA

2. 2Evercore ISI, Washington, DC, USA

3. 4Centre for Economic Policy Research, London, United Kingdom

4. 3Bank for International Settlements, Basel, Switzerland; email: gaston.gelos@bis.org

Abstract

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.

Publisher

Annual Reviews

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