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dc.contributor.authorIlgmann, Cordeliusen_US
dc.contributor.authorMenner, Martinen_US
dc.description.abstractGiven 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.en_US
dc.publisher|aCAWM |cMünsteren_US
dc.relation.ispartofseries|aCAWM discussion paper / Centrum für Angewandte Wirtschaftsforschung Münster |x43en_US
dc.subject.keywordnegative interest ratesen_US
dc.subject.keywordhistory of economic thoughten_US
dc.subject.keywordSilvio Gesellen_US
dc.subject.keywordzero bounden_US
dc.subject.keywordsearch-theoretical modelsen_US
dc.subject.keywordmonetary policyen_US
dc.titleNegative nominal interest rates: History and current proposalsen_US
dc.typeWorking Paperen_US

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