Jobst, Andy, Lin, Huidan, (2016), “The ECB’s Negative Rate Policy Has Been Effective but Faces Limits”, iMF-direct, 10 Αugust
More than two years ago, seeking to revive a moribund economy, the European Central Bank (ECB) embarked on a new monetary policy measure: charging interest on excess liquidity that banks held at the central bank. The move complemented a series of other easing measures aimed at bringing inflation back to the ECB’s price stability objective of below, but close to, two percent over the medium term.
- Gros, Daniel, (2016), “Negative rates and seigniorage: Turning the central bank business model upside down – the special case of the ECB”, Voxeu, 27 June
- Leandro, Álvaro, (2016), “The use of ECB liquidity”, Bruegel, 9 June