Negative Interest Rate Policy: The New Era of Below-Zero RatesOn February 16, 2016, Japan followed the lead of several central banks in Europe, including the European Central Bank, into the negative interest rate territory. In an effort to stimulate the Japanese economy, the Bank of Japan applied a rate of negative 0.1 percent on current accounts that financial institutions hold at the bank. Currently, six central banks in Europe and Asia have pushed rates below zero, and other central banks are considering the feasibility of using negative rates to boost the economy. In this program, prominent economists from the United States, Japan, and Europe examine the central banks move to jump on the negative rate bandwagon, the effectiveness of negative interest rates, and the pros and cons of this policy. The panelists also discuss the possibility of the United States adopting the negative interest rate policy.
Bruce Kasman, Managing Director and Chief Economist, J.P. Morgan
Sayuri Shirai, Professor, Keio University; Visiting Scholar, Asian Development Bank Institute; former Member of the Policy Board, Bank of Japan
Torsten Slok, Chief International Economist and Managing Director, Deutsche Bank Securities, Inc.
Joseph E. Gagnon, Senior Fellow, Peterson Institute for International Economics
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