In less than two years, negative interest rates have moved from the abstract realms of economic theory into the mainstream of monetary policymaking. The experiment under way in the eurozone, Japan and some smaller European economies has shown that the practical obstacles to taking rates below zero are not as large as once imagined. Proponents say the policy — intended to encourage consumers to spend and banks to lend more to the real economy — has saved the eurozone from sinking into disastrous deflation. But the evidence for this remains tentative. Meanwhile, negative rates are undeniably unpopular, and the longer they remain in place the greater the risk of unintended consequences.
还不到两年，负利率就从抽象的manbetx20客户端下载 理论领域进入了货币政策制定的主流。欧元区、日本和欧洲更小manbetx20客户端下载 体正在进行的实验已表明，把利率压低至负数的实际障碍，没有人们之前想象的那么大。支持者表示，该政策——旨在鼓励消费者花钱、鼓励银行向实体manbetx20客户端下载 发放更多贷款——已拯救了欧元区，使之没有跌入灾难性通缩。但仍没有决定性证据能够证明这一点。另一方面，负利率无疑是不受欢迎的，负利率执行时间越长，带来意外后果的风险也越大。