EFTA01437704Set 10
2000-01-0754p14,594w
discourage capital inflows
(see box).
Beyond the zero bound
Negative interest-rate policies (NIRP) have always been controversial in the
academic community, and even less systematic research has been done ... from section 2. If they can be
implemented without too many detrimental side-effects, NIRP offer a neat way
out of the liquidity trap. Monetary policy regains its power ... offset charges on deposit. The problem is that, first, this means
that the
NIRP results in tighter, rather than looser financial conditions. Second, it
would
not work in other, less
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437704.pdf
offset charges on deposit. The problem is that, first, this means that the
NIRP results in tighter, rather than looser financial conditions. Second, it would
not work in other, less ... concentrated markets. And third, and perhaps most
troubling for the ECB, it means NIRP will have a differential impact in different
Eurozone countries, depending on the degree of concentration ... look sizeable.
The evidence so far suggests that when they work, the effect from NIRP is
mainly from driving down exchange rates rather than by stimulating lending. For
small open
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388575.pdf
EFTA00270630Set 9
2015-02-192p101w
Neemkar Preethi, Sequence:24
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Check No. 70362737
FEBRUARY 19, 2015 1tmc,
* ate of RS pork
CIDMT4ROLLER.STATE OF NEW YORK
https://www.justice.gov/epstein/files/DataSet%209/EFTA00270630.pdf