How Have Central Banks Implemented Negative Policy Rates?
How Have Central Banks Implemented Negative Policy Rates?
复制标题
各国央行如何实施负政策利率？
DOI：
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
Aytek Malkhozov
中科院分区：
文献类型：
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作者：
Morten L. Bech;Aytek Malkhozov
自2014年年中以来，欧洲四家央行已将政策利率调至负值。这些非常规举措基本上是在现有的业务框架内实施的。然而，实施方式对持有央行储备的成本有重要影响。迄今为止的经验表明，适度的负政策利率会以与正利率相同的方式传导到货币市场和其他利率。一个关键的例外是零售存款利率，迄今为止一直保持绝缘，一些抵押贷款利率，这一直在上升。展望未来，如果利率进一步降至负值或长期保持负值，个人和机构的行为将存在很大的不确定性。
Since mid-2014, four central banks in Europe have moved their policy rates into negative territory. These unconventional moves were by and large implemented within existing operational frameworks. Yet the modalities of implementation have important implications for the costs of holding central bank reserves. The experience so far suggests that modestly negative policy rates transmit through to money markets and other interest rates for the most part in the same way that positive rates do. A key exception is retail deposit rates, which have remained insulated so far, and some mortgage rates, which have perversely increased. Looking ahead, there is great uncertainty about the behaviour of individuals and institutions if rates were to decline further into negative territory or remain negative for a prolonged period.