英文标题：
《On the Normality of Negative Interest Rates》
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作者：
Matheus R. Grasselli, Alexander Lipton
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最新提交年份：
2018
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英文摘要：
  We argue that a negative interest rate policy (NIRP) can be an effect tool for macroeconomic stabilization. We first discuss how implementing negative rates on reserves held at a central bank does not pose any theoretical difficulty, with a reduction in rates operating in exactly the same way when rates are positive or negative, and show that this is compatible with an endogenous money point of view. We then propose a simplified stock-flow consistent macroeconomic model where rates are allowed to become arbitrarily negative and present simulation evidence for their stabilizing effects. In practice, the existence of physical cash imposes a lower bound for interest rates, which in our view is the main reason for the lack of effectiveness of negative interest rates in the countries that adopted them as part of their monetary policy. We conclude by discussing alternative ways to overcome this lower bound , in particular the use of central bank digital currencies.
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中文摘要：
我们认为，负利率政策（NIRP）可以成为宏观经济稳定的有效工具。我们首先讨论了在央行持有的准备金上实施负利率如何不会带来任何理论上的困难，当利率为正或负时，降息的方式完全相同，并表明这与内生货币观点是一致的。然后，我们提出了一个简化的股票流一致性宏观经济模型，允许利率任意变为负值，并为其稳定效果提供了模拟证据。实际上，实物现金的存在对利率施加了一个下限，我们认为，这是将负利率作为货币政策一部分的国家缺乏有效性的主要原因。最后，我们讨论了克服这一下限的其他方法，特别是中央银行数字货币的使用。
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分类信息：

一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance        数量金融学
二级分类：Mathematical Finance        数学金融学
分类描述：Mathematical and analytical methods of finance, including stochastic, probabilistic and functional analysis, algebraic, geometric and other methods
金融的数学和分析方法，包括随机、概率和泛函分析、代数、几何和其他方法
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