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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 ( ). Bank for International Settlements 2021. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.
Second, the effects of interest rates on consumption and investment could be non-linear for a variety of reasons. For consumption, the positive intertemporal substitution effects may be offset by the negative income effects of low rates, which encourage saving (Guerrón-Quintana and Kuester (2019), van den End et al (2020)).
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