To Lower Interest Rates
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An Act To Lower Interest Rates And Allocate Credit
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Author : United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Domestic Monetary Policy
language : en
Publisher:
Release Date : 1975
An Act To Lower Interest Rates And Allocate Credit written by United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Domestic Monetary Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Credit categories.
How To Reduce Interest Rates And Poverty
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Author : Arthur Dahlberg
language : en
Publisher: Devin-Adair Publishers
Release Date : 1984
How To Reduce Interest Rates And Poverty written by Arthur Dahlberg and has been published by Devin-Adair Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Business & Economics categories.
Lower Bound Beliefs And Long Term Interest Rates
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Author : Christian Grisse
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-22
Lower Bound Beliefs And Long Term Interest Rates written by Christian Grisse and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-22 with Business & Economics categories.
We study the transmission of changes in the believed location of the lower bound to longterm interest rates since the introduction of negative interest rate policies. The expectations hypothesis of the term structure combined with a lower bound on policy rates suggests that normal policy transmission is reduced when policy rates approach this lower bound. We show that if market participants revise downward the believed location of the lower bound, this may in itself reduce long-term yields. Moreover, normal policy transmission to long-term rates increases. A cross-country event study suggests that such effects have been empirically relevant during the recent negative interest rate episode.
Breaking Through The Zero Lower Bound
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Author : Ruchir Agarwal
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-23
Breaking Through The Zero Lower Bound written by Ruchir Agarwal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-23 with Business & Economics categories.
There has been much discussion about eliminating the “zero lower bound” by eliminating paper currency. But such a radical and difficult approach as eliminating paper currency is not necessary. Much as during the Great Depression—when countries were able to revive their economies by going off the gold standard—all that is needed to empower monetary policy to cut interest rates as much as needed for economic stimulus now is to change from a paper standard to an electronic money standard, and to be willing to have paper currency go away from par. This paper develops the idea further and shows how such a mechanism can be implemented in a minimalist way by using a time-varying paper currency deposit fee between private banks and the central bank. This allows the central bank to create a crawling-peg exchange rate between paper currency and electronic money; the paper currency interest rate can be either lowered below zero or raised above zero. Such an ability to vary the paper currency interest rate along with other key interest rates, makes it possible to stimulate investment and net exports as much as needed to revive the economy, even when inflation, interest rates, and economic activity are quite low, as they are currently in many countries. The paper also examines different options available to the central bank to return to par when negative interest rates are no longer needed, and the associated implications for the financial sector and debt contracts. Finally, the paper discusses various legal, political, and economic challenges of putting in place such a framework and how policymakers could address them.
To Lower Interest Rates The Credit Allocation Act Of 1975
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Author : United States. Congress. House. Committee on Banking, Currency, and Housing
language : en
Publisher:
Release Date : 1975
To Lower Interest Rates The Credit Allocation Act Of 1975 written by United States. Congress. House. Committee on Banking, Currency, and Housing and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Credit categories.
Enabling Deep Negative Rates To Fight Recessions A Guide
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Author : Ruchir Agarwal
language : en
Publisher: International Monetary Fund
Release Date : 2019-04-29
Enabling Deep Negative Rates To Fight Recessions A Guide written by Ruchir Agarwal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-29 with Business & Economics categories.
The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious obstacle for fighting recessions. However, the zero lower bound is not a law of nature; it is a policy choice. The central message of this paper is that with readily available tools a central bank can enable deep negative rates whenever needed—thus maintaining the power of monetary policy in the future to end recessions within a short time. This paper demonstrates that a subset of these tools can have a big effect in enabling deep negative rates with administratively small actions on the part of the central bank. To that end, we (i) survey approaches to enable deep negative rates discussed in the literature and present new approaches; (ii) establish how a subset of these approaches allows enabling negative rates while remaining at a minimum distance from the current paper currency policy and minimizing the political costs; (iii) discuss why standard transmission mechanisms from interest rates to aggregate demand are likely to remain unchanged in deep negative rate territory; and (iv) present communication tools that central banks can use both now and in the event to facilitate broader political acceptance of negative interest rate policy at the onset of the next serious recession.
Negative Interest Rates
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Author : Luís Brandão Marques
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-03
Negative Interest Rates written by Luís Brandão Marques and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-03 with Business & Economics categories.
This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.
The Causes And Consequences Of Recent Interest Rate Movements
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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy
language : en
Publisher:
Release Date : 1984
The Causes And Consequences Of Recent Interest Rate Movements written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Interest rate categories.
Monetary Policy With Negative Interest Rates Decoupling Cash From Electronic Money
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Author : Katrin Assenmacher
language : en
Publisher: International Monetary Fund
Release Date : 2018-08-27
Monetary Policy With Negative Interest Rates Decoupling Cash From Electronic Money written by Katrin Assenmacher and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-27 with Business & Economics categories.
Monetary policy space remains constrained by the lower bound in many countries, limiting the policy options available to address future deflationary shocks. The existence of cash prevents central banks from cutting interest rates much below zero. In this paper, we consider the practical feasibility of recent proposals for decoupling cash from electronic money to achieve a negative yield on cash which would remove the lower bound constraint on monetary policy. We discuss how central banks could design and operate such a system, and raise some unanswered questions.
Interest Rate Targeting In A Small Open Economy
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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1990-03-01
Interest Rate Targeting In A Small Open Economy written by Mr.Guillermo Calvo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-03-01 with Business & Economics categories.
An important hurdle in analyzing interest rate targeting is that standard models usually lead to price level or inflation rate indeterminacy. This paper develops a simple framework in which such problems do not arise because the bonds whose interest rate is controlled provide liquidity services. This framework is used to examine interest rate targeting in a small open economy under predetermined exchange rates. A permanent increase in the interest rate has no real effects. In contrast, a temporary increase in the interest rate leads to higher consumption and to a current account deficit that worsens over time.