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Lars Jonung. Foto.

Lars Jonung

Professor emeritus

Lars Jonung. Foto.

Don’t do it again! The Swedish experience with negative central bank rates in 2015-2019

Författare

  • Fredrik N G Andersson
  • Lars Jonung

Summary, in English

Negative interest rates were once seen as impossible outside the realm of economic theory. However, recently several central banks have imposed such rates, with prominent economists supporting this move. This column investigates the actual effects of negative interest rates, taking evidence from the Swedish experience during 2015-2019. It is evident that the policy’s effect on the inflation rate was modest, and that it contributed to increased financial vulnerabilities. The lesson from the experiment is clear: Do not do it again.

Avdelning/ar

  • Nationalekonomiska institutionen

Publiceringsår

2020-05-08

Språk

Engelska

Dokumenttyp

Webbpublikation

Förlag

voxeu.org

Ämne

  • Economics

Nyckelord

  • monetary policy
  • negative interest rates
  • Riksbank
  • Sweden

Status

Published

Forskningsgrupp

  • Knut Wicksell Centre for Financial Studies