Working Paper: What do negative policy rate economies have in common?

Working Paper - September 2022 - No. 189

Authors Grønlund, Asger Munch; Krogstrup, Signe; Spange, Morten
Subject Monetary policy; Current account
Type Working paper
Year 2022
Published 16 September 2022
Abstract icon Five economies, Denmark, the euro area, Switzerland, Sweden and Japan, have conducted negative interest rate policies. In this paper, we document that these economies have high levels of public as well as private savings, not matched by high investments, relative to other high-income non-NIRP OECD economies.