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20-050/VI - Banks, Money, and the Zero Lower Bound on Deposit Rates


  • Authors
    Michael Kumhof, Bank of England; Xuan Wang, Vrije Universiteit Amsterdam
  • Publication date
    August 20, 2020
  • Keywords
    Banks, money creation, inside money, money demand, deposits-in-advance, Phillips curve, zero lower bound, monetary policy rules, Taylor rules, post-COVID-19 reforms
  • JEL
    E41, E44, E51, G21