Monographs and recurrent publications

Commissioned work is regularly published in the form of monographs. Same as ongoing publications (such as the WIFO Economic Outlook, reports on Austrian Laender), they are available as print and online versions, charged at cost.

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Atanas Pekanov, Thomas Url (WIFO), Justus Inhoffen (DIW Berlin)
Low for Long: Side Effects of Negative Interest Rates
Commissioned by: European Parliament
Study by: Austrian Institute of Economic Research – German Institute for Economic Research – Hertie School gGmbH
Online since: 15.06.2021 0:00
Policy rate cuts in negative territory have increased credit supply and improved the macroeconomic environment similar to cuts in positive territory. Dreaded disruptions to the monetary policy transmission channels as well as adverse side effects on bank profitability have so far largely failed to materialise. Thus, the evidence available today shows that the negative interest rate policy is an effective policy tool. However, systemic risks, including in the non-bank sector, should be closely monitored as negative rates are expected to remain low for longer.
Keywords:Negative Interest Rates, Monetary Policy, NIRP
Research group:Macroeconomics and European Economic Policy

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