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Monetary Policy with Negative Interest Rates
Decoupling Cash from Electronic Money

by Katrin Assenmacher and Signe Krogstrup

Series:Working Paper No. 18/191
ISBN 9781484370025
Code: #WPIEA2018191

Publication year: 2018

Cdn: $27.00; US: $23.50
Paperback
Language: English
31 pages
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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.
Monetary Policy with Negative Interest Rates
Cdn: $27.00; US: $23.50
International Monetary Fund (IMF) BookID: 123542 Added: 2018.9.11