Negative nominal interest rates: History and current proposals

Arbeitspapier

Given the renewed interest in negative interest rates as a means for overcoming the zero bound on nominal interest rates, this article reviews the history of negative nominal interest rates and gives a brief survey over the current proposals that received popular attention in the wake of the financial crisis of 2007/08. It is demonstrated that taxing money proposals have a long intellectual history and that instead of being the conjecture of a monetary crank, they are a serious policy proposal. In a second step the article points out that, besides the more popular debate on a Gesell tax as a means to remove the zero bound on nominal interest rates, there is a class of neoclassical search-models that advocates a negative tax on money as efficiency enhancing. This strand of the literature has so far been largely ignored by the policy debate on negative interest rates.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CAWM Discussion Paper ; No. 43

Klassifikation und Themen

• Klassifikation: Wirtschaft
• Thema: negative interest rates ; history of economic thought ; Silvio Gesell ; zero bound ; search-theoretical models ; monetary policy

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Ilgmann, Cordelius ; Menner, Martin
• Ereignis: Veröffentlichung
• (wer): Westfälische Wilhelms-Universität Münster, Centrum für Angewandte Wirtschaftsforschung (CAWM)
• (wo): Münster
• (wann): 2011

Weitere Informationen

• Handle: http://hdl.handle.net/10419/51360
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ