The Swiss National Bank introduced negative interest rates of minus 75 bp in mid‐January 2015. Large exemptions on commercial bank holdings at the Swiss National Bank result in the average rate being significantly less negative than the marginal rate. With this constellation the policy transmission to the real economy is asymmetric. It fully satisfies the needs of a small open economy in search of a negative interest differential, not those of an economy aiming at a “classical” monetary stimulus at the zero bound. While the Swiss design would make it possible to impose rates that are significantly more negative with modest complementary features, the unpopularity of negative rates makes it likely that the ambition to totally free monetary policy of the ZLB will, in the near future, be thwarted by democratic realities.

中文翻译：

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瑞士的负利率：我们学到了什么？

瑞士国家银行于2015年1月中旬推出了负75个基点的负利率。瑞士国家银行对商业银行资产的大量减免导致平均利率远低于边际利率。在这种情况下，政策向实体经济的传导是不对称的。它完全满足了小型开放经济体寻求负利率差异的需求，而不是旨在零利率“经典”货币刺激的经济体的需求。尽管瑞士的设计将有可能以适度的补充特征强加负得多的负利率，但负利率的不受欢迎使得在不久的将来可能会挫败ZLB完全自由货币政策的雄心。民主现实。