On the Effects of A Negative Interest Rate Policy
On the Effects of A Negative Interest Rate Policy
复制标题
论负利率政策的影响
DOI：
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
Yuzo Honda
中科院分区：
文献类型：
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作者：
Yuzo Honda
本文就日本央行2016年2月实施的负利率政策（NIRP）对日本经济的影响进行了分析。首先，NIRP在刺激私人住宅投资方面非常有效。第二，它降低了长期利率，很可能支持了私人非住宅投资。第三，有理由认为，2016年8月左右日元升值的趋势在外汇汇率中很可能停止。第四，它也可能在2016年8月左右阻止了股价的下跌趋势。总体而言，NIRP被经验发现具有扩张效应。这是缓解零利率下限的合理政策工具，但同时也应考虑其副作用。
This paper reports what effects the negative interest rate policy (NIRP), introduced by the Bank of Japan in February 2016, brought about on the Japanese economy. First, NIRP was very effective in stimulating Private Residential Investment. Second, it lowered the long-term interest rate and was likely to have supported Private Non-Residential Investment. Third, there is a reason to believe that it probably stopped around August 2016 the yen appreciation trend in the foreign exchange rates. Fourth, it was also likely to have stopped the downward trend of stock prices around August 2016. Overall, NIRP was empirically found to have expansionary effects. It is a legitimate policy tool to alleviate the zero interest rate lower bound, though due considerations should be given to its side effects at the same time.