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Interest-Bearing Securities When Interest Rates are Below Zero

Author

Listed:
  • Kenneth D. Garbade
  • James J. McAndrews
Abstract
Negative interest rates have evolved, over the past few years, from a topic of modest academic interest to a practical reality. Short- and intermediate-term sovereign debt of several European countries, including Germany, Denmark, the Netherlands, Sweden, Austria, and Switzerland, now trades at negative yields.

Suggested Citation

  • Kenneth D. Garbade & James J. McAndrews, 2015. "Interest-Bearing Securities When Interest Rates are Below Zero," Liberty Street Economics 20150504, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87027
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    File URL: https://libertystreeteconomics.newyorkfed.org/2015/05/interest-bearing-securities-when-interest-rates-are-below-zero.html
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    Citations

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    Cited by:

    1. McAndrews, James J., 2020. "The case for cash," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 1(1).

    More about this item

    Keywords

    Equation; Research; ; Math;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G2 - Financial Economics - - Financial Institutions and Services

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