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. (2000) Overcoming the zero bound on interest rate policy.
In: Working Paper. RePEc:fip:fedrwp:00-03.
Full description at Econpapers
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3. Because the inconvenience and physical costs of storing currency are not literally zero at the margin, nominal interest rates can be slightly negative. In fact, the nominal yield on Japanese Treasury bills became slightly negative during the Asian financial crisis last autumn when nominal rates were already very low. Investors were willing to pay for the safety and convenience of government bonds rather than incur the cost of storing currency. Mogi and Zuckerman (1998).
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