Negative interest rates: lessons from the Euro area

Negative interest rates: lessons from the Euro area

In June 2014 the European Central Bank (ECB) decided to cut the rate on its deposit facility (DFR) by 10 basis points (bp) into negative territory an unprecedented move as no major central bank had used negative rates before. This decision was part of a more comprehensive monetary policy easing pack...

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Autores principales: Eisenshmidt, Jens, Smets, Frank
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
Materias:
TASAS DE INTERÉS
BANCOS CENTRALES
POLÍTICA MONETARIA
BANCO CENTRAL EUROPEO
Acceso en línea:https://hdl.handle.net/20.500.12580/3865
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spelling oai-20.500.12580-38652021-04-24T11:14:10Z Negative interest rates: lessons from the Euro area Eisenshmidt, Jens Smets, Frank TASAS DE INTERÉS BANCOS CENTRALES POLÍTICA MONETARIA BANCO CENTRAL EUROPEO In June 2014 the European Central Bank (ECB) decided to cut the rate on its deposit facility (DFR) by 10 basis points (bp) into negative territory an unprecedented move as no major central bank had used negative rates before. This decision was part of a more comprehensive monetary policy easing package which eventually also included the introduction of targeted long-term refinancing operations (TLTROs) and a large-scale asset purchase programme (APP) of private and public sector bonds. Further rate cuts of 10 bps each followed in September 2014 December 2015 and March 2016 bringing the DFR to -0.40 percent. 2019-11-01T00:08:30Z 2019-11-01T00:08:30Z 2019 Artículo 978-956-7421-60-2 https://hdl.handle.net/20.500.12580/3865 eng Series on Central Banking Analysis and Economic Policies no. 26 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 13-42 application/pdf Banco Central de Chile
institution Banco Mundial
collection Banco Mundial
language eng
topic TASAS DE INTERÉS
BANCOS CENTRALES
POLÍTICA MONETARIA
BANCO CENTRAL EUROPEO
spellingShingle TASAS DE INTERÉS
BANCOS CENTRALES
POLÍTICA MONETARIA
BANCO CENTRAL EUROPEO
Eisenshmidt, Jens
Smets, Frank
Negative interest rates: lessons from the Euro area
description In June 2014 the European Central Bank (ECB) decided to cut the rate on its deposit facility (DFR) by 10 basis points (bp) into negative territory an unprecedented move as no major central bank had used negative rates before. This decision was part of a more comprehensive monetary policy easing package which eventually also included the introduction of targeted long-term refinancing operations (TLTROs) and a large-scale asset purchase programme (APP) of private and public sector bonds. Further rate cuts of 10 bps each followed in September 2014 December 2015 and March 2016 bringing the DFR to -0.40 percent.
format Artículo
author Eisenshmidt, Jens
Smets, Frank
author_facet Eisenshmidt, Jens
Smets, Frank
author_sort Eisenshmidt, Jens
title Negative interest rates: lessons from the Euro area
title_short Negative interest rates: lessons from the Euro area
title_full Negative interest rates: lessons from the Euro area
title_fullStr Negative interest rates: lessons from the Euro area
title_full_unstemmed Negative interest rates: lessons from the Euro area
title_sort negative interest rates: lessons from the euro area
publisher Banco Central de Chile
publishDate 2019
url https://hdl.handle.net/20.500.12580/3865
work_keys_str_mv AT eisenshmidtjens negativeinterestrateslessonsfromtheeuroarea
AT smetsfrank negativeinterestrateslessonsfromtheeuroarea
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