{"title":"平衡负利率政策对银行影响的分级规则","authors":"M. Girotti, Benoît Nguyen, Jean‐Guillaume Sahuc","doi":"10.2139/ssrn.3900544","DOIUrl":null,"url":null,"abstract":"Negative interest rate policy makes excess liquidity costly to hold for banks and this may weaken the bank-based transmission of monetary policy. We design a rule-based tiering system for excess reserve remuneration that reduces the burden of negative rates on banks while ensuring that the central bank keeps control of interbank interest rates. Using euro-area data, we show that under the proposed tiering system, the cost of holding excess liquidity when the COVID-19 monetary stimulus fully unfolds would be more than 30% lower than that under the ECB's current system.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"A Tiering Rule to Balance the Impact of Negative Policy Rates on Banks\",\"authors\":\"M. Girotti, Benoît Nguyen, Jean‐Guillaume Sahuc\",\"doi\":\"10.2139/ssrn.3900544\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Negative interest rate policy makes excess liquidity costly to hold for banks and this may weaken the bank-based transmission of monetary policy. We design a rule-based tiering system for excess reserve remuneration that reduces the burden of negative rates on banks while ensuring that the central bank keeps control of interbank interest rates. Using euro-area data, we show that under the proposed tiering system, the cost of holding excess liquidity when the COVID-19 monetary stimulus fully unfolds would be more than 30% lower than that under the ECB's current system.\",\"PeriodicalId\":344099,\"journal\":{\"name\":\"ERN: Banking & Monetary Policy (Topic)\",\"volume\":\"32 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-09-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Banking & Monetary Policy (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3900544\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Banking & Monetary Policy (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3900544","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
A Tiering Rule to Balance the Impact of Negative Policy Rates on Banks
Negative interest rate policy makes excess liquidity costly to hold for banks and this may weaken the bank-based transmission of monetary policy. We design a rule-based tiering system for excess reserve remuneration that reduces the burden of negative rates on banks while ensuring that the central bank keeps control of interbank interest rates. Using euro-area data, we show that under the proposed tiering system, the cost of holding excess liquidity when the COVID-19 monetary stimulus fully unfolds would be more than 30% lower than that under the ECB's current system.
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