Studie von: Österreichisches Institut für Wirtschaftsforschung – Deutsches Institut für Wirtschaftsforschung – Hertie School gGmbH
Online seit: 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.