| 词条 | Negative interest on excess reserves |
| 释义 |
During economic downturns, central banks often lower interest rates to stimulate growth. Until late in the 20th century, it was thought that rates could not go below zero because banks would hold onto cash instead of paying a fee to deposit it. It turns out this was not quite right. Central banks in Europe and in Japan have demonstrated rates can go negative, and several have pushed them in that direction for the same reason they lowered them to zero in the first place—to provide stimulus and, where inflation is below target, to raise the inflation rate.[4] The notion is that negative rates will provide even more incentive for commercial banks to make loans. What might have looked like a potential lending project, by a bank, not worth funding even in a low-interest-rate environment might now look attractive if the alternative is being charged to store money at the central bank or holding lots of cash.[5] ExamplesEuropeThe European Central Bank and central banks of other European countries, such as Sweden, Switzerland, and Denmark, have paid negative interest on excess reserves—in effect taxing banks for exceeding their reserve requirements—as an expansionary monetary policy measure.[6][7][8][9][10] Negative rates in Europe have been controversial. Ambrose Evans-Pritchard of the London Telegraph has described them as a "calamitous misadventure."[11] Economists for the European Central Bank, not surprisingly, disagree. They argue that across the euro area, loans from banks to corporations have become less expensive since negative rates were adopted.[12] JapanIn January 2016, the Bank of Japan followed other European central banks and lowered its interest rates below zero, after several years of keeping them at the lower end of the positive range.[13] The existing balances will keep on yielding a rate of 0.1 percent; the reserves that banks are required to keep at the BOJ will have a rate of zero percent, and a rate of minus 0.1 percent will be applied to any other reserves. U.S.The staff of the U.S. Federal Reserve prepared a memo for the Federal Open Market Committee in August 2010 evaluating the possibility of lowering the interest rate that the Fed paid on bank reserves to zero or below.[14] The staff was lukewarm on the idea, and it was never adopted in the U.S. Former Fed Chair Ben Bernanke has argued that "negative rates appear to have both modest benefits and manageable costs" and "modestly negative" interest rates should be an option for the Fed to consider if it ever again confront a very weak economy at a time when short-term interest rates already have been cut to zero.[15] See also
References1. ^{{cite web|title=Negative interest rates in Europe: A Glance at Their Causes and Implications|url=http://www.worldbank.org/content/dam/Worldbank/GEP/GEP2015b/Global-Economic-Prospects-June-2015-Negative-interest-rates.pdf.|website=World Bank|publisher=worldbank.org|accessdate=5 February 2016|date=June 2015}} 2. ^{{cite web|last1=Roubini|first1=Nouriel|title=Troubled Global Economy|url=http://time.com/4180698/nouriel-roubini-global-economy/|website=Time Magazine|publisher=time.com|accessdate=5 February 2016|date=January 14, 2016}} 3. ^{{cite web|last1=Dent Jr.|first1=Harry | title=Negative Interest Rates Are the Next Stage in Global Stimulus|url=http://economyandmarkets.com/economy/central-banks/negative-interest-rates-are-the-next-stage-in-global-stimulus/|website=Economy & Markets|publisher=economyandmarkets.com|accessdate=9 February 2016|date=February 5, 2016}} 4. ^{{cite web|last1=Linnemann Bech|first1=Morten|last2=Malkhozov|first2=Aytek|title=How have central banks implemented negative policy rates?|url=http://www.bis.org/publ/qtrpdf/r_qt1603e.htm|work=BIS Quarterly Review|accessdate=27 January 2017|date=March 6, 2016}} 5. ^{{cite web|last1=Wessel|first1=David|last2=Olsen|first2=Peter|title=The Hutchins Center Explains: Negative interest rates|url=https://www.brookings.edu/blog/up-front/2016/04/11/the-hutchins-center-explains-negative-interest-rates/|publisher=Brookings Institution|accessdate=27 January 2017|date=April 11, 2016}} 6. ^{{Cite news |url= http://www.ft.com/cms/s/0/5d3f0692-9334-11de-b146-00144feabdc0.html |title=Bankers watch as Sweden goes negative |first1=Andrew |last1=Ward |first2=David |last2=Oakley |work=Financial Times |location =London |date=27 August 2009}} 7. ^{{cite journal|last=Goodhart|first=C.A.E.|title=The Potential Instruments of Monetary Policy|date=January 2013|series=Financial Markets Group Paper|issue=Special Paper 219|url=http://www2.lse.ac.uk/fmg/workingPapers/specialPapers/PDF/SP219.pdf|accessdate=13 April 2013|at=9-10|publisher=London School of Economics|issn=1359-9151}} 8. ^{{cite journal|last=Blinder|first=Alan S.|title=Revisiting Monetary Policy in a Low-Inflation and Low-Utilization Environment|journal=Journal of Money, Credit and Banking|date=February 2012|volume=44|issue=Supplement s1|pages=141–146|doi=10.1111/j.1538-4616.2011.00481.x}} 9. ^{{cite web|last=Thoma|first=Mark|title=Would Lowering the Interest Rate on Excess Reserves Stimulate the Economy?|url=http://economistsview.typepad.com/economistsview/2012/08/would-lowering-the-interest-rate-on-excess-reserves-stimulate-the-economy.html|work=Economist's View|accessdate=13 April 2013|date=August 27, 2012}} 10. ^{{cite web|last=Parameswaran|first=Ashwin|title=On The Folly of Inflation Targeting In A World Of Interest Bearing Money|url=http://www.macroresilience.com/2013/01/07/on-the-folly-of-inflation-targeting-in-a-world-of-interest-bearing-money/|work=Macroeconomic Resilience|accessdate=13 April 2013}} 11. ^{{cite web|last=Evans-Pritchard|first=Ambrose|title=Negative interest rates are a calamitous misadventure|url=https://www.telegraph.co.uk/business/2016/02/18/negative-interest-rates-are-a-calamitous-misadventure/|work=The Telegraph|accessdate=27 January 2017}} 12. ^{{cite web|last1=Wessel|first1=David|last2=Olsen|first2=Peter|title=Are negative rates a "calamitous misadventure"? ECB economists say no|url=https://www.brookings.edu/blog/up-front/2016/06/16/are-negative-rates-a-calamitous-misadventure-ecb-economists-say-no/|publisher=Brookings Institution|accessdate=27 January 2017}} 13. ^{{cite web|last1=Mayger|first1=James|title=Bank of Japan's Negative Interest Rate Decision Explained|url=https://www.bloomberg.com/news/articles/2016-01-29/bank-of-japan-s-negative-interest-rate-decision-explained|website=Bloomberg|publisher=bloomberg.com|accessdate=5 February 2016|date=January 29, 2016}} 14. ^{{cite web|title=Options for Further Monetary Policy Stimulus|url=https://www.federalreserve.gov/monetarypolicy/files/FOMC20100805memo04.pdf|website=Federal Reserve System|publisher=federalreserve.gov|accessdate=27 January 2017|date=August 5, 2010}} 15. ^{{cite web|last=Bernanke|first=Ben|title=What tools does the Fed have left? Part 1: Negative interest rates|url=https://www.brookings.edu/blog/ben-bernanke/2016/03/18/what-tools-does-the-fed-have-left-part-1-negative-interest-rates/|publisher=Brookings Institution|accessdate=27 January 2017}} External links
2 : Monetary policy|Taxation and redistribution |
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