Negative interest rates: Lessons learned…so far
Past Event
Negative interest rates: Lessons learned...so far - Morning session
Negative interest rates: Lessons learned...so far - Morning session
Negative interest rates: Lessons learned...so far - Afternoon session
Morning Session
Afternoon 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 »
Agenda
Morning Session
Overview
Signe Krogstrup
Presenter - Assistant Director and Deputy Head of Monetary Policy Analysis, Swiss National Bank
Session Materials
Presentation
Jean-Pierre Danthine
Swiss National Bank
Jamie McAndrews
Discussant - Executive Vice President and Director of Research, Federal Reserve Bank of New York
Presentation
Niels Lynggård Hansen
Presenter - Head of Economics, Danmarks Nationalbank
Alex Roever
Discussant - Managing Director, Head of U.S. Interest Rate Strategy, J.P. Morgan Securities LLC
Session Materials
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.
Session Materials
Paper
Miles Kimball
Author - Professor of Economics, University of Michigan
Session Materials
Panel Discussion
Ben S. Bernanke
Distinguished Senior Fellow - Economic Studies - The Brookings Institution
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
Global Treasurer - Goldman Sachs
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