NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Are Negative Nominal Interest Rates Expansionary?

Gauti B. Eggertsson, Ragnar E. Juelsrud, Ella Getz Wold

NBER Working Paper No. 24039
Issued in November 2017

---- Acknowledgments ----

We are grateful to compricer.se and especially Christina Soderberg for providing and assisting with bank level interest rate data. We are also grateful to seminar and conference participants at Brown University, the University of Maryland, Bank of Portugal, the European Central Bank and John Shea, Larry Summers, Dominik Thaler and Michael Woodford for discussion. We thank INET for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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