Nominal interest rates fell to record-low levels globally in the decades prior to the pandemic. Five economies, Denmark, the euro area, Switzerland, Sweden and Japan, stand out by having adopted negative interest rate policies (NIRP). In this paper, we document that these economies have high...

Nominal interest rates fell to record-low levels globally in the decades prior to the pandemic. Five economies, Denmark, the euro area, Switzerland, Sweden and Japan, stand out by having adopted negative interest rate policies (NIRP). In this paper, we document that these economies have high...