登入選單
返回Google圖書搜尋
Monetary Policy with Negative Interest Rates: Decoupling Cash from Electronic Money
Katrin AssenmacherSigne Krogstrup
出版International Monetary Fund, 2018-08-27
主題Business & Economics / Money & Monetary PolicyBusiness & Economics / Banks & BankingBusiness & Economics / Industries / Financial Services
ISBN14843700239781484370025
URLhttp://books.google.com.hk/books?id=tbYZEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋Monetary policy space remains constrained by the lower bound in many countries, limiting the policy options available to address future deflationary shocks. The existence of cash prevents central banks from cutting interest rates much below zero. In this paper, we consider the practical feasibility of recent proposals for decoupling cash from electronic money to achieve a negative yield on cash which would remove the lower bound constraint on monetary policy. We discuss how central banks could design and operate such a system, and raise some unanswered questions.