Central banks must use “unconstrained” negative rates, Rogoff tells ECB

Kenneth Rogoff
Kenneth Rogoff
Photo: IMF

Policy-makers need to carry out major reforms to how banks hold money, or future attempts to use negative interest rates are likely to fail, Kenneth Rogoff warned the European Central Bank.

Rogoff and his co-author Andrew Lilley make the claim in their paper, The case for implementing effective negative interest rate policy, which they presented on October 7 to the ECB’s conference on monetary policy.

The use of negative rates was seen as a key tool to reflate economies at the onset of the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account