This paper provides an overview of the operational implementation of negative interest rates in Europe and Japan. Drawing attention to the fact that there is precedent for negative policy rates and negative money market rates, the paper addresses conceptual issues and summarizes measures which define negative interest rate policy. Based on detailed institutional analysis and an examination of the interaction of interest rate policies with balance sheet policies, it is argued that there exists substantial heterogeneity in the purpose, design, and operational specificities of negative interest rate policies across economies, with significant consequences for effective market rates, private sector funding conditions, and expectations. Summarizing transmission channels of negative rates, benefits, and risks of the policy, the paper calls attention to potential adverse effects resulting from the interaction of negative interest rates with tighter liquidity and capital standards adopted since the Global Financial Crisis.

中文翻译：

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央行低于零：欧洲和日本实施负利率

本文概述了欧洲和日本实施负利率的操作。提请注意负政策利率和负货币市场利率存在先例这一事实，本文解决了概念问题并总结了定义负利率政策的措施。根据详细的制度分析和对利率政策与资产负债表政策相互作用的研究，有人认为，各经济体负利率政策的目的、设计和操作特性存在很大差异，对有效实施负利率政策产生重大影响。市场利率、私营部门融资条件和预期。总结政策的负利率、收益和风险的传导渠道，