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NIRP - Negative Interest Rate Policy

(Collated)

upload.wikimedia.org_wikipedia_commons_thumb_c_ca_billeteinter_ii.jpg_320px-billeteinter_ii.jpg

NIRP refers to Negative Interest Rate Policy. This is an attempt to outline what it is and what it may mean, collating recent evidence, references, papers and discussion. It is as much an opportunity for the author to gather information and their own thoughts in a coherent manner as it is for the interest of any reader.

NIRP is a phenomenon of negative nominal interest rates. A nominal rate of interest is the rate before inflation. A real interest rate refers to the nominal rate minus inflation. While the distinction between defining NIRP in nominal or real terms may appear irrelevant, it is not an arbitrary distinction and the difference matters a great deal.

It matters even more in the context and consideration of electronic money, or perhaps money will in general matter more in the context of NIRP.

Any skew in economic perspectives referenced is quite inevitable and unapologetic. There is no core belief bias being outlined, nor any partisan justification. Impact is what we make of it. This is only a collation of information to think on in better determining a view of one likely future, and how to prepare for and live it. I'd recommend any reader do the same. The links borrow heavily from lurking and discussion here and here. Where any link requires a sign-up process for access, it's free or use google.

Negative Rates

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2016

Papers

Books

Podcast/Audio

Powerpoint

Discussion

1970s

2009

2010

2011

2012

2013

Reuters: ZKB raises prospect of negative interest rates

BBC: Negative interest rates idea floated by Bank's Paul Tucker

UK Telegraph: Mervyn King - negative interest rate - still 'an instrument on the table' for the bank to use in the future

Daily Mail: Plight of savers could get even worse as Bank of England considers NEGATIVE interest rates

FT Alphaville: On negative interest rates and hoarding

WSJ - IMF: Switzerland Should Consider Temporary Negative Interest Rates

FT Alphaville: A digital solution for the repo squeeze?

Economonitor - The Evolution of the ECB’s Thinking on Negative Deposit Rates

Bloomberg - ECB Said to Consider Minus 0.1 Percent Deposit Rate

Nasdaq - Euro Falls as ECB Official Mentions Negative Interest Rates, Asset Purchases

Pragmatic Capitalist - Banks Warn on Negative Interest Rates

Negative interest rates and the cashless future

Irish Times - What if the natural rate of interest is negative?

Zero Hedge: ECB "Technically Ready" To Ask Depositors To Pay Banks For Holding Their Money

Reuters: ECB policymakers play down prospect of deposit rate cut

Columbia Management: The Effect of Negative Interest Rates in Europe

Miles Kimball: The Path to Electronic Money as a Monetary System

Miles Kimball: How and Why to Eliminate the Zero Lower Bound: A Reader’s Guide

Henrik Jensen - Willem and the Negative Nominal Interest Rate (in danish here)

Reuters: Sub-zero ECB rates could be made to work

FT Alphaville: Breaking through the ZLB with virtual currencies

FT Alphaville: The time for official e-money is NOW!

Credit Writedowns: What do negative interest rates do?

HPC Scepticus - Negative interest rates are not about increasing lending or creating inflation...

2014

2015

2016


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