关键词: 负利率政策 , 市场利率 , 汇率 , 信贷供给

Abstract: After the subprime crisis, the global economy is mired in longterm stagnation The euro area and Japan have implemented the negative interest rate policy one after another Negative interest rate breaks the doctrine of the zero lower bound Focusing on the transmission channels and the effectiveness of negative interest rate policy, this paper finds that negative interest rate policy has an immediate impact on market interest rates, exchange rate and other financial market variables But in terms of the recovery of the real economy, the effectiveness of the negative interest rate policy relies on whether it can effectively increase the demand and supply of credit.

Key words: negative interest rate policy , market interest rate , exchange rate , credit supply