The Negative Rates Club

Daniel Gros

CEPS Papers from Centre for European Policy Studies

Abstract: For the better part of a decade, central banks have been making only limited headway in curbing powerful global deflationary forces. Since 2008, the US Federal Reserve has maintained zero interest rates, while pursuing multiple waves of unprecedented balance-sheet expansion through large-scale bond purchases. The Bank of England, the Bank of Japan and the European Central Bank have followed suit, each with its own version of so-called quantitative easing (QE). Yet inflation has not picked up appreciably anywhere.

Pages: 3 pages
Date: 2016-02
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Persistent link: https://EconPapers.repec.org/RePEc:eps:cepswp:11337

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