Negative interest on excess reserves

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The European Central Bank and countries such as Sweden and Denmark have paid negative interest on excess reserves (taxing banks for exceeding their reserve requirements) as an expansionary monetary policy measure.[1][2][3][4][5]

See also[edit]


  1. ^ Ward, Andrew; Oakley, David (27 August 2009). "Bankers watch as Sweden goes negative". Financial Times (London). 
  2. ^ Goodhart, C.A.E. (January 2013). "The Potential Instruments of Monetary Policy" (PDF). Financial Markets Group Paper (Special Paper 219). London School of Economics. 9-10. ISSN 1359-9151. Retrieved 13 April 2013. 
  3. ^ Blinder, Alan S. (February 2012). "Revisiting Monetary Policy in a Low-Inflation and Low-Utilization Environment". Journal of Money, Credit and Banking 44 (Supplement s1): 141–146. doi:10.1111/j.1538-4616.2011.00481.x. Retrieved 13 April 2013. 
  4. ^ Thoma, Mark (August 27, 2012). "Would Lowering the Interest Rate on Excess Reserves Stimulate the Economy?". Economist's View. Retrieved 13 April 2013. 
  5. ^ Parameswaran, Ashwin. "On The Folly of Inflation Targeting In A World Of Interest Bearing Money". Macroeconomic Resilience. Retrieved 13 April 2013. 

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