01693cas a2200253 a 4500 AALejournalIMF018647 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484370025 1018-5941 BD-DhAAL BD-DhAAL Assenmacher, Katrin. Monetary Policy with Negative Interest Rates : Decoupling Cash from Electronic Money / Katrin Assenmacher, Signe Krogstrup. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (31 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet Krogstrup, Signe. IMF Working Papers; Working Paper ; No. 2018/191 Full text available on IMF http://elibrary.imf.org/view/journals/001/2018/191/001.2018.issue-191-en.xml IMF e-Library