02049cas a2200241 a 4500 AALejournalIMF020623 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498346467 2663-3493 BD-DhAAL BD-DhAAL International Monetary Fund. Negative Interest Rate Policies-Initial Experiences and Assessments. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (50 pages) Policy 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 The depth of the crisis and the weakness of the ensuing recovery led to new ways to implement monetary policy. At the onset of the crisis, central banks in several advanced economies quickly moved policy rates to zero and initiated large-scale asset purchases. In more recent years, with inflation still below target and limited support from fiscal policy, several central banks lowered their policy rates below the previous zero lower bound, embarking on so-called negative interest rate policies (NIRPs). This paper explores the implications of NIRPs for monetary policy transmission and banks' behavior. It considers potential differences between interest rate cuts in positive versus negative territory on deposit and lending rates, as well as banks' interest rate margins and profitability, and market functioning. The paper focuses on the bank transmission channel, where differences between positive and negative policy rates could arise. Finally, the paper reviews cross-country experiences through case studies. Mode of access: Internet Policy Papers; Policy Paper ; No. 2017/010 Full text available on IMF http://elibrary.imf.org/view/journals/007/2017/010/007.2017.issue-010-en.xml IMF e-Library