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Annual Review of Economics

Volume 16, 2024

Negative Interest Rate Policies: A Survey

Abstract

This article surveys studies on the impact of central bank negative interest rate policies (NIRP). It reviews recent research on the effects of NIRP on financial markets, banks, households, firms, and the macroeconomy. Overall, policy rate cuts when interest rates are negative propagated along the yield curve, with the first policy cut below zero contributing significantly to the fall in longer-term yields. Lending and deposit rates also decreased following the adoption of NIRP. Based on the experience so far, bank lending volumes rose, and bank profits did not significantly deteriorate, although there was considerable heterogeneity in the effects. The impact of NIRP on inflation and output appears to have been comparable to that of conventional interest rate cuts.

Keyword(s): bank lending and profitability, JEL E43, JEL E52, JEL G21, JEL G22, JEL G23, monetary policy, negative interest rates, nonbank financial institutions
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2024-08-22
2025-02-18
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/content/journals/10.1146/annurev-economics-080323-042145
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Negative Interest Rate Policies: A Survey
Annual Review of Economics 16, 305 (2024); https://doi.org/10.1146/annurev-economics-080323-042145
/content/journals/10.1146/annurev-economics-080323-042145
/content/journals/10.1146/annurev-economics-080323-042145
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