英文标题：
《Negative interest rates: why and how?》
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作者：
Jozef Kiselak, Philipp Hermann and Milan Stehlik
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最新提交年份：
2016
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英文摘要：
  The interest rates (or nominal yields) can be negative, this is an unavoidable fact which has already been visible during the Great Depression (1929-39). Nowadays we can find negative rates easily by e.g. auditing. Several theoretical and practical ideas how to model and eventually overcome empirical negative rates can be suggested, however, they are far beyond a simple practical realization. In this paper we discuss the dynamical reasons why negative interest rates can happen in the second order differential dynamics and how they can influence the variance and expectation of the interest rate process. Such issues are highly practical, involving e.g. banking sector and pension securities.
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中文摘要：
利率（或名义收益率）可能是负的，这是一个不可避免的事实，在大萧条（1929-39）期间已经显而易见。如今，我们可以通过审计等方法很容易地找到负利率。我们可以提出一些理论和实践上的想法，来模拟并最终克服经验负利率，然而，这些想法远远超出了简单的实际认识。在本文中，我们讨论了负利率在二阶微分动力学中发生的动力学原因，以及它们如何影响利率过程的方差和预期。这些问题非常实际，涉及银行部门和养老金证券等。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Pricing of Securities        证券定价
分类描述：Valuation and hedging of financial securities, their derivatives, and structured products
金融证券及其衍生产品和结构化产品的估值和套期保值
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一级分类：Mathematics        数学
二级分类：Probability        概率
分类描述：Theory and applications of probability and stochastic processes: e.g. central limit theorems, large deviations, stochastic differential equations, models from statistical mechanics, queuing theory
概率论与随机过程的理论与应用：例如中心极限定理，大偏差，随机微分方程，统计力学模型，排队论
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