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BIS Working Papers
BIS Working Papers No 983 Losing traction? The real effects of monetary policy when interest rates are low by Rashad Ahmed, Claudio Borio, Piti Disyatat and Boris Hofmann Monetary and Economic Department November 2021 JEL classification: E20, E52, E58. Keywords: monetary policy, low interest rates, monetary transmission mechanism. 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 ( ).
First, low nominal interest rates can harm bank profitability. Lower rates can sap net interest income when banks are reluctant or unable to lower deposit rates below zero, so that mark-ups shrink as interest rates fall. Moreover, the impact of low short-term rates grows if they go hand in hand with a flattening of the yield curve, eroding
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