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Past Event

Negative interest rates: Lessons learned…so far

Past Event

Negative interest rates: Lessons learned...so far - Morning session

In just one reminder of the extraordinary moment in economic history in which we are living, the central banks of the eurozone, as well as Japan, Switzerland, Denmark, and Sweden, have pushed their lending rates below zero — banks actually have to pay a fee to deposit money at the central bank. In some major countries, Germany and Japan among them, investors pay a fee to lend to the government instead of collecting interest. Once a fantasy of a few academic economists, negative interest rates are now seen as a tool available to monetary policymakers at times of very low inflation. But they remain controversial: are negative rates a prudent and potent response to today’s lackluster economy? Or do they squeeze bank profits and hurt lending, confuse investors and consumers, and smack of desperation?

Today, the Hutchins Center on Fiscal and Monetary Policy at Brookings is examining the recent experience with negative interest rates, particularly in Europe, and their possible use in the U.S. Participants include prominent economists from European central banks and Wall Street, as well as several academics, and former Federal Reserve Chairman Ben Bernanke, now a distinguished fellow in residence at Brookings.

We will provide a light lunch for event attendees. You can join the conversation and tweet questions for the panelists at #NegativeRates.

Download Signe Krogstrup’s slides »

Download Seth Carpenter’s slides »

Download Jean-Pierre Danthine’s remarks »

Download Jean-Pierre Danthine’s slides »

Download Jamie McAndrews’ slides »

Download Niels Lynggård Hansen’s slides »

Download Alex Roever’s slides »

Download Massimo Rostagno’s slides »

Download Torsten Slok’s slides »

Download Miles Kimball’s slides »

Agenda

Morning Session

Overview

Signe Krogstrup

Presenter - Assistant Director and Deputy Head of Monetary Policy Analysis, Swiss National Bank

Seth Carpenter

Discussant - Head of US Research, Rokos Capital Management LLP

Presentation

Jamie McAndrews

Discussant - Executive Vice President and Director of Research, Federal Reserve Bank of New York

Presentation

Alex Roever

Discussant - Managing Director, Head of U.S. Interest Rate Strategy, J.P. Morgan Securities LLC

Paper

Massimo Rostagno

Author - Director General, Monetary Policy, European Central Bank

Torsten Slok

Discussant - Chief International Economist and Managing Director, Deutsche Bank Securities, Inc.

Lunch

Afternoon Session: Negative Rates in the U.S.

Massimo Rostagno

Author - Director General, Monetary Policy, European Central Bank

Torsten Slok

Discussant - Chief International Economist and Managing Director, Deutsche Bank Securities, Inc.

Paper

Miles Kimball

Author - Professor of Economics, University of Michigan

Panel Discussion

Narayana Kocherlakota

Lionel W. McKenzie Professor of Economics - University of Rochester

Former President - Federal Reserve Bank of Minneapolis

Jamie McAndrews

Discussant - Executive Vice President and Director of Research, Federal Reserve Bank of New York

Beth Hammack

Managing Director & Global Head of Short Term Rates - Goldman Sachs

More Information

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