TY - BOOK ID - 85503946 TI - Monetary Policy with Negative Interest Rates: Decoupling Cash from Electronic Money AU - Assenmacher, Katrin. AU - Krogstrup, Signe. PY - 2018 SN - 148437472X 1484374703 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Money and Monetary Policy KW - Industries: Financial Services KW - Monetary Systems KW - Standards KW - Regimes KW - Government and the Monetary System KW - Payment Systems KW - Monetary Policy KW - Central Banks and Their Policies KW - Interest Rates: Determination, Term Structure, and Effects KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Monetary economics KW - Banking KW - Distributed ledgers KW - Finance KW - Currencies KW - Digital currencies KW - Negative interest rates KW - Central bank policy rate KW - Money KW - Technology KW - Monetary policy KW - Financial services KW - Zero lower bound KW - Interest rates KW - Financial services industry KW - Technological innovations KW - Banks and banking KW - Sweden UR - https://www.unicat.be/uniCat?func=search&query=sysid:85503946 AB - Monetary policy space remains constrained by the lower bound in many countries, limiting the policy options available to address future deflationary shocks. The existence of cash prevents central banks from cutting interest rates much below zero. In this paper, we consider the practical feasibility of recent proposals for decoupling cash from electronic money to achieve a negative yield on cash which would remove the lower bound constraint on monetary policy. We discuss how central banks could design and operate such a system, and raise some unanswered questions. ER -