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The Dangerous Ineffectiveness of Negative Interest Rates : the Case of Switzerland

Rossi, Sergio

In: Review of Keynesian Economics, 2019, vol. 7, no. 2, p. 220-232

This paper argues that the negative interest rate adopted by the Swiss National Bank in 2015 has elicited a series of negative consequences across the Swiss economy. It has led an increasing number of agents to invest their savings in the real-estate market, whose prices have overheated, threatening the eruption of a housing crisis. It has also induced a number of financial institutions to turn...