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摘要翻译：
我们认为负利率政策(NIRP)可以成为稳定宏观经济的有效工具。我们首先讨论了对中央银行持有的准备金实施负利率如何不会造成任何理论困难，当利率为正或为负时，利率的降低以完全相同的方式运行，并表明这符合内生货币的观点。然后，我们提出了一个简化的存量-流量一致宏观经济模型，其中利率可以任意变为负值，并给出了它们的稳定效应的模拟证据。在实践中，实物现金的存在给利率设定了一个下限，我们认为，这是负利率作为货币政策一部分的国家缺乏有效性的主要原因。最后，我们讨论了克服这一下限的替代方法，特别是使用中央银行数字货币。
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英文标题：
《On the Normality of Negative Interest Rates》
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作者：
Matheus R. Grasselli, Alexander Lipton
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最新提交年份：
2018
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分类信息：
一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance 数量金融学
二级分类：Mathematical Finance 数学金融学
分类描述：Mathematical and analytical methods of finance, including stochastic, probabilistic and functional analysis, algebraic, geometric and other methods
金融的数学和分析方法，包括随机、概率和泛函分析、代数、几何和其他方法
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英文摘要：
We argue that a negative interest rate policy (NIRP) can be an effect tool for macroeconomic stabilization. We first discuss how implementing negative rates on reserves held at a central bank does not pose any theoretical difficulty, with a reduction in rates operating in exactly the same way when rates are positive or negative, and show that this is compatible with an endogenous money point of view. We then propose a simplified stock-flow consistent macroeconomic model where rates are allowed to become arbitrarily negative and present simulation evidence for their stabilizing effects. In practice, the existence of physical cash imposes a lower bound for interest rates, which in our view is the main reason for the lack of effectiveness of negative interest rates in the countries that adopted them as part of their monetary policy. We conclude by discussing alternative ways to overcome this lower bound , in particular the use of central bank digital currencies.
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PDF链接：
https://arxiv.org/pdf/1808.07909
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