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  • Diskussionspapiere 1990 / 2022

    The Signalling Channel of Negative Interest Rates

    Negative interest rates remain a controversial policy for central banks. We study a novel signalling channel and ask under what conditions negative rates should exist in an optimal policymaker’s toolkit. We prove two necessary conditions for the optimality of negative rates: a time-consistent policy setting and a preference for policy smoothing. These conditions allow negative rates to signal policy ...

    2022| Oliver de Groot, Alexander Haas
  • DIW Berlin - Politikberatung kompakt 130 / 2018

    Negative Interest Rates and the Signalling Channel: In-Depth Analysis

    2018| Kerstin Bernoth, Alexander Haas
  • Referierte Aufsätze Web of Science

    The Signalling Channel of Negative Interest Rates

    Negative policy rates can convince markets that deposit rates will remain lower-for-longer, even when current deposit rates are constrained by zero. This is the signalling channel of negative interest rates. We analyse the optimality and effectiveness of negative rates in the context of this novel transmission channel. In a stylized model, we prove two necessary conditions for optimality: time-consistency ...

    In: Journal of Monetary Economics 138 (2023), S. 87-103 | Oliver de Groot, Alexander Haas
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