Should They Stay or Should They Go? Negative Interest Rate Policies Under Review
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. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Análisis en profundidad
Autor externo
Joscha BECKMANN, Klaus-Jürgen GERN, Nils JANNSEN
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Tipo de publicación
Ámbito político
Palabra clave
- análisis económico
- ASUNTOS FINANCIEROS
- banco
- Banco Central Europeo
- consecuencia económica
- documentación
- ECONOMÍA
- economía monetaria
- EDUCACIÓN Y COMUNICACIÓN
- EMPRESA Y COMPETENCIA
- gestión contable
- inflación
- informe
- instituciones de la Unión Europea y función pública europea
- instituciones financieras y de crédito
- interés
- libre circulación de capitales
- política monetaria única
- préstamo
- relaciones monetarias
- rentabilidad
- riesgo financiero
- situación económica
- UNIÓN EUROPEA
- zona euro