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BIS Working Papers
BIS Working Papers No 628 Is monetary policy less effective when interest rates are persistently low? by claudio Borio and Boris Hofmann Monetary and Economic Department April 2017 JEL classification: E43, E52 Keywords: monetary policy, low interest rates, balance-sheet recession, monetary transmission BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The Papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website ( ). Bank for International Settlements 2017. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) WP628 Is monetary policy less effective when interest rates are persistently low?
and claudio.borio@bis.org boris.hofmann@bis.org. The paper was prepared for the Reserve Bank of Australia conference “Monetary Policy and Financial Stability in a World of Low Interest Rates”, 16 –17 March 2017, S ydney.
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