负利率对宏观经济的直接影响非常有限。无论是正利率还是负利率，都是通胀预期的反应函数，在当前超宽松货币环境下，想让负利率刺激投资，进而影响通胀预期，似乎有些本末倒置。从银行信贷的角度来看，负利率政策取得了不错的效果。负利率政策让短期贷款利率迅速下降，侵蚀了银行利润，导致银行不得不配置收益率较高的中长期信贷资产。各国或地区负利率政策对汇率的作用差异较大。例如，丹麦的负利率政策有效稳定了丹麦克朗汇率，欧央行和日本央行负利率对汇率效果并不显著。当央行所有传统货币政策工具已经基本失效时，实施负利率政策的确可以改变金融资产的定价，但效果也仅限于金融市场。
Against a background of persistently weak growth and low inflation expectations，a number of central banks have implemented negative interest rate policies to provide additional monetary policy stimulus over the past few years. This paper outlines the concerns associated with negative interest rates，provides an overview of the international experience so far with negative policy rates and sets out some general observations based on this experience. From the view of bank credit，transmission of negative policy rates works，although pass-through to bank deposit and lending rates has generally been partial. Transmission through the exchange rate channel depends on the exchange rate regime. While negative interest rate policies indeed change the pricing of financial assets，they need to be handled with care to secure their benefits while mitigating risks.
