|
EconStor >
Westfälische Wilhelms-Universität Münster (WWU) >
Centrum für angewandte Wirtschaftsforschung Münster (CAWM), Universität Münster >
CAWM Discussion Papers, Universität Münster >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/51360
|
| | |
| Title: | | Negative nominal interest rates: History and current proposals  |
| Authors: | | Ilgmann, Cordelius Menner, Martin |
| Issue Date: | | 2011 |
| Series/Report no.: | | CAWM discussion paper / Centrum für Angewandte Wirtschaftsforschung Münster 43 |
| Abstract: | | 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. |
| Subjects: | | negative interest rates history of economic thought Silvio Gesell zero bound search-theoretical models monetary policy |
| Document Type: | | Working Paper |
| Appears in Collections: | | CAWM Discussion Papers, Universität Münster
|
| Files in This Item:
| |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/51360
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|