Negative Nominal Interest Rates: Three ways to overcome the zero lower bound

Willem H. Buiter

NBER Working Paper No. 15118
Issued in June 2009

---- Acknowledgements ----

I would like to thank Anne Sibert, Charles Goodhart, Ben Broadbent and participants in seminars at the Center for Financial Studies at the Goethe University, Frankfurt on May 6th 2009, at the European Central Bank on May 18, 2009 and at the 13th International Conference on Macroeconomic Analysis and International Finance at the University Campus of the University of Crete in Retymno Crete, May 28-30, 2009. Comments by Fabrizio Zilibotti were especially useful in clarifying key issues involving the third method for removing the zero lower bound. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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