Interest-Bearing Securities When Interest Rates are Below Zero

Kenneth Garbade and James McAndrews

No 20150504, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Negative interest rates have evolved, over the past few years, from a topic of modest academic interest to a practical reality. Short- and intermediate-term sovereign debt of several European countries, including Germany, Denmark, the Netherlands, Sweden, Austria, and Switzerland, now trades at negative yields.

Keywords: Equation; Research; Math (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2015-05-04
New Economics Papers: this item is included in nep-mac and nep-pay
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