{"title":"Should they stay or should they go? Negative interest rate policies under review.","authors":"Joscha Beckmann, Klaus-Jürgen Gern, Nils Jannsen","doi":"10.1007/s10368-022-00547-4","DOIUrl":null,"url":null,"abstract":"<p><p>Negative interest rate policies (NIRP) have become an established monetary policy instrument in the toolkit of the ECB. We discuss NIRP in the euro area based on theoretical considerations and available empirical evidence. We find that NIRP had some positive impact on loan growth and investment in the euro area, but that the room to further loosen monetary policy via NIRP may be small. NIRP is discussed also in the context of the general monetary policy environment.</p>","PeriodicalId":42639,"journal":{"name":"INTERNATIONAL ECONOMICS AND ECONOMIC POLICY","volume":"19 1","pages":"885-912"},"PeriodicalIF":1.5000,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9435422/pdf/","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"INTERNATIONAL ECONOMICS AND ECONOMIC POLICY","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1007/s10368-022-00547-4","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2022/9/1 0:00:00","PubModel":"Epub","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Negative interest rate policies (NIRP) have become an established monetary policy instrument in the toolkit of the ECB. We discuss NIRP in the euro area based on theoretical considerations and available empirical evidence. We find that NIRP had some positive impact on loan growth and investment in the euro area, but that the room to further loosen monetary policy via NIRP may be small. NIRP is discussed also in the context of the general monetary policy environment.
期刊介绍：
The double-blind peer reviewed Journal International Economics and Economic Policy publishes empirical and theoretical contributions, especially papers which are relevant for economic policy. The main focus of the journal is on comparative economic policy, international political economy, including international organizations and policy cooperation, monetary and real/technological dynamics in open economies, globalization and regional integration, trade, migration, international investment, internet commerce and regulation.IEEP particularly offers contributions from the policy community and provides a forum for exchange for the academic and policy community. Officially cited as: Int Econ Econ Policy
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