A negatív kamatlábak kora – a monetáris politika ritka pillanatai AGE OF THE NEGATIVE INREREST RATE – RARE MONENTS OF THE MONETARY POLICY

Abstract

The negative interest rate, like zero-close, is an old-fashioned phenomenon in economic policy, which is increasingly involved in post-crisis monetary policy. Interest, as the time value of money, can only be positive in some macromodels, which is linked to the liquidity premium and the "impotence factor". Anyone who wants to use money to buy goods in the present has to pay a premium to those who are willing to give up on it. At the same time, monetary practice has evolved in the opposite direction in several countries over the past period. One of the most spectacular appearances of the modern history of the negative "savings saver" interest rate is the negative rate imposed on the depositor at the central bank. The negative interest rate was used by the major banks, the ECB, the Swiss and Japanese central banks. After the crisis in 2007, the central banks of the developed world kept their standard rates close to zero for a long time after 2009. Following the crisis, the central bank's rescue operation proved to be successful in the fact that the world economy did not collapse, no second serious economic crisis happened. The "success", however, has a price: the fact that central banks can not raise interest rates because they would risk a recession instead of stagnation. This situation does not cause any problems, while the rise in inflation does not necessitate interest rate hikes. For a significant part of the world economy, there is no need to keep inflation threatened for some time, but the trend of interest rate rise has been observed in several countries.