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