负利率政策：一篇综述

中文摘要

本文综述了有关中央银行负利率政策（NIRP）影响的研究，回顾了近期关于负利率政策对金融市场、银行、家庭、企业和宏观经济影响的相关研究。总体而言，在利率为负的情况下，政策利率下调会沿收益率曲线传导，其中首次将政策利率下调至零以下对长期收益率的下行贡献显著。采用负利率政策后，贷款利率和存款利率也随之下降。根据迄今为止的经验，银行贷款规模有所上升，银行利润并未显著恶化，尽管其影响存在相当大的异质性。负利率政策对通货膨胀和产出的影响，似乎与常规降息的影响相当。

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.