Negative interest rates: lessons from the Euro area

dc.contributor.author	Eisenshmidt, Jens
dc.contributor.author	Smets, Frank
dc.date.accessioned	2019-11-01T00:08:30Z
dc.date.available	2019-11-01T00:08:30Z
dc.date.issued	2019
dc.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.
dc.file.name	BCCh-sbc-v26-p013_042
dc.format	.pdf
dc.format.extent	Sección o Parte de un Documento
dc.format.medium	p. 13-42
dc.identifier.isbn	978-956-7421-60-2
dc.identifier.uri	https://hdl.handle.net/20.500.12580/3865
dc.language.iso	eng
dc.publisher	Banco Central de Chile
dc.relation.ispartof	Series on Central Banking Analysis and Economic Policies no. 26
dc.rights	Attribution-NonCommercial-NoDerivs 3.0 Chile	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/cl/	*
dc.subject	TASAS DE INTERÉS	es_ES
dc.subject	BANCOS CENTRALES	es_ES
dc.subject	POLÍTICA MONETARIA	es_ES
dc.subject	BANCO CENTRAL EUROPEO	es_ES
dc.title	Negative interest rates: lessons from the Euro area
dc.type.doc	Artículo

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