美联储-论负利率的否定性（英）-2023.9-75页_611kb

On the Negatives of Negative Interest Rates

Abstract

Negative interest rates (NIR) implemented by major central banks have significant long-term effects on investment decisions, welfare, bank profitability, and output. Using a dynamic general-equilibrium model, the study finds that NIR distorts investment through asymmetric transmission of rates to retail deposits and the availability of cash. It reduces welfare, depresses output, and lowers bank profitability, even with exemptions. However, bank profitability issues can be mitigated by tiered remuneration policies, though not the distortions themselves. The study also shows NIR depresses currency value and is often used to dampen appreciation.